Gujarat HC to review ITAT's decision on depreciation in sale & lease back transaction

The Gujarat HC admitted an appeal on the deletion of depreciation on assets in a sale and lease back transaction by the ITAT. The key issue is whether the ITAT's decision was correct. The case will be heard jointly with Tax Appeal No.1048 of 2010.

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The Gujarat High Court admitted the appeal regarding the deletion of depreciation on assets in a sale and lease back transaction by the Income Tax Appellate Tribunal. The substantial question of law is whether the Tribunal was correct in doing so. The case is to be heard with Tax Appeal No.1048 of 2010.

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