TMI Blog2007 (7) TMI 668X X X X Extracts X X X X X X X X Extracts X X X X ..... 20% instead of 40% on the vehicles used by the Assessee in the course of its business. 2.2 The Ld. Counsel for the Assessee, at the very outset, submitted that this issue earlier arose in AY 1997-98. The learned CIT(A) has granted depreciation @ 20%. However, on appeal to the Tribunal, the said depreciation was granted to the assessee @ 40%. He placed on record a copy of the Tribunal's Orde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Asea Brown Boveri Limited vs. Industrial Finance Corpn. of India 154 Taxman 512, has tried to persuade us to take a different opinion. He pointed out that the lessee be treated as owner of the asset in case of finance lease and thus, the lessee would be entitled to deprecation. He further submitted that even if the AO has granted depreciation to the assessee @ 20%, though wrongly, then such wrong ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lays down the proposition regarding grant of depreciation in that case. The facts in that case are that M/s. Asea Brown Boveri entered into a Lease and Finance Agreement with M/s. Fair Growth Financial Services Limited. According to the lease agreement, the lessee took 57 cars and deposited the security amount with the Lessor. It also paid lease rent as per the mutual agreement. The Lessor became ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the relationship of the lessee and the Lessor. It is settled proposition that the observations made in a judgement are required to be read in the context in which they are made. It is not permissible to read them in isolation or out of context. A story sentence cannot be allowed to be put into service to try a meaning which was never meant by the court in the judgment. The dispute before the Hon& ..... X X X X Extracts X X X X X X X X Extracts X X X X
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