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2016 (7) TMI 924 - GUJARAT HIGH COURT

2016 (7) TMI 924 - GUJARAT HIGH COURT - TMI - Capital loss of sale of shares and securities - Held that:- Insofar as the first question is concerned, the identical issue has been decided in case of Commissioner of Income Tax vs. Mohmed Juned Dadani [2013 (2) TMI 292 - GUJARAT HIGH COURT ] - Decided in favour of assessee. - Claim of depreciation in respect of leased assets - Held that:- The assessee has been able to prove genuineness of the depreciation claim qua the air pollution control equ .....

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r our consideration: A. Whether the ITAT has erred in law and on facts in allowing the Capital loss of sale of shares and securities of ₹ 74,78,000/-? B. Whether the ITAT has erred in law and on facts in allowing the claim of depreciation of ₹ 38,24,344/- in respect of leased assets to M/s. Rajendra Steels Ltd. Kanpur? 2. Facts are identical in nature. We may record facts from Tax Appeal No. 545 of 2016: The assessee-company is in the business of leasing and hire purchase with tradin .....

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₹ 3,46,09,520/- as per order dated 28.03.2002. 3. The assessee carried the matter in appeal before CIT (Appeals). CIT (Appeals) vide order dated 27.09.2011 confirmed the view of the Assessing Officer, however, granted relief in respect of capital loss of sale of shares and securities of ₹ 74,78,000/- depreciation claim of ₹ 38,24,344/- in respect of assets leased to M/s. Rajendra Steels Ltd., Kanpur and disallowed claim of ₹ 24,72,005/- treating as financial transaction. .....

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e appeals of the Revenue making following observations: 11. … … ...We observe on the basis of these facts and evidence that the assessee has been able to prove genuineness of its depreciation claim qua the air pollution control equipment in question leased our to M/s. Rajendra Steels Ltd., Kanpur. The Revenue's argument accordingly are declined. We affirm the CIT(A)'s findings extracted hereinabove granting depreciation relief to assessee amounting to ₹ 38,28,244/-. T .....

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