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of <h1>High Court upholds IT Act ruling on depreciation for boiler leaseback transaction.</h1> <h3>Commissioner of Income Tax Versus Dayalal Meghji & Co.</h3> The High Court of Madhya Pradesh dismissed the Revenue's application under s. 256(2) of the IT Act, 1961. The dispute centered on depreciation claimed on ... - The High Court of Madhya Pradesh dismissed the application under s. 256(2) of the IT Act, 1961, by the Revenue. The case involved a dispute over depreciation claimed on a boiler purchased from a sister-concern and leased back to them. The AO disallowed the claim, but the CIT(A) and Tribunal ruled in favor of the assessee, stating there was no tax avoidance scheme. The High Court found no legal issues and dismissed the application.
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