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2012 (7) TMI 1008 - KARNATAKA HIGH COURT

2012 (7) TMI 1008 - KARNATAKA HIGH COURT - TMI - I.T.A. No. 1294 OF 2006 - Dated:- 16-7-2012 - MR. JUSTICE K.SREEDHAR RAO AND MR. JUSTICE B.MANOHAR For the Appellant : Sri G. Kamaladhar, Advocate For the Respondent : Sri Ramabhadran, Advocate J U D G M E N T The Respondent is the assessee and had purchased bio gas and furnace. The sale invoice discloses the value of the said equipment at ₹ 50,00,000/- each. The assessee had purchased the said equipment by taking finance from Kotak Mahindra .....

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f Commissioner of Income Tax and remanded the matter to the Assessing Authority to examine the issue afresh in accordance with the observation made which are as follows: A review of the entire matter about the lack of enquiry made and not considering the tax in proper line, we come to the only plausible conclusion that the assessment deserves to be set aside and to be done afresh. We accordingly, set aside the assessment an d direct the Assessing Officer to examine the issue afresh namely - (a) .....

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ssessee requires to prove the ownership and usage of the asset for claiming depreciation. In so far as the ownership is concerned, despite the assessee had purchased the assets under Hire Purchase Agreement. In view of the Board Circular (supra), the assessee would be entitled to depreciation. The usage aspect is to be seen in the light of the decision of the Supreme Court i.e., if the business of the assessee is leasing and is using and has leased it, the usage stands proved. Keeping these two .....

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