https://www.taxtmi.com/caselaws?id=69463 The Tribunal disallowed the depreciation claimed on sale and lease back transactions with Tamil Nadu Electricity Board (TNEB) and on assets where lease agreements had expired. It found that the transactions were not genuine lease agreements but finance arrangements, and assets with expired leases could not be considered used for business purposes. The Tribunal concluded that allowing depreciation in these circumstances would be detrimental to the revenue, setting aside the Commissioner of Income-tax (Appeals) decision and ruling in favor of disallowing the depreciation claimed. en-us Fri, 25 May 2007 00:00:00 +0530 Wed, 12 Jun 2013 16:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69463 The Tribunal disallowed the depreciation claimed on sale and lease back transactions with Tamil Nadu Electricity Board (TNEB) and on assets where lease agreements had expired. It found that the transactions were not genuine lease agreements but finance arrangements, and assets with expired leases could not be considered used for business purposes. The Tribunal concluded that allowing depreciation in these circumstances would be detrimental to the revenue, setting aside the Commissioner of Income-tax (Appeals) decision and ruling in favor of disallowing the depreciation claimed. Case-Laws Income Tax Fri, 25 May 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69463