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2016 (10) TMI 48 - DELHI HIGH COURT

2016 (10) TMI 48 - DELHI HIGH COURT - TMI - Depreciation on the assets - AO had treated the transactions as that of finance and not of leasing - Held that:- All relevant judgment in issue were considered in ICDS (2013 (1) TMI 344 - SUPREME COURT ), this Court is of the opinion that there is no ground to depart from the reasoning in The Commissioner of Income Tax v. M/s. Escort Finance Ltd [2013 (11) TMI 1667 - DELHI HIGH COURT] . The question of law framed is answered against the revenue. - Date .....

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sessee acquired certain industrial assets and claimed depreciation in AY 1995-96. During the assessment, the AO denied the depreciation holding that since the assessee was not using the assets but rather it leased it out after acquisition, it could be called a financed asset and not leasing and, therefore, disentitled it to the depreciation claimed. This finding of the AO was concurred with by the CIT(A) upon the assessee s plea. The assessee, however, succeeded before the Tribunal. The Tribunal .....

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