https://www.taxtmi.com/caselaws?id=119068 Depreciation on leased assets cannot be disallowed merely on suspicion or for want of one witness when contemporaneous documents establish genuineness of the transaction. In the LPG cylinder lease, invoices, ledger entries, lease records, and related default action supported the arrangement, while the manufacturer's denial was not decisive and the Revenue's witness statement carried little weight without effective cross-examination. In the Airjet Spindle Assembly and Positar Disc lease, correspondence, insurance, account entries, security arrangements, and default follow-up likewise supported the claim. The Revenue failed to prove the leases were bogus, so the depreciation claims were upheld. en-us Fri, 01 Apr 2005 00:00:00 +0530 Sat, 07 Jul 2012 17:51:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=119068 Depreciation on leased assets cannot be disallowed merely on suspicion or for want of one witness when contemporaneous documents establish genuineness of the transaction. In the LPG cylinder lease, invoices, ledger entries, lease records, and related default action supported the arrangement, while the manufacturer's denial was not decisive and the Revenue's witness statement carried little weight without effective cross-examination. In the Airjet Spindle Assembly and Positar Disc lease, correspondence, insurance, account entries, security arrangements, and default follow-up likewise supported the claim. The Revenue failed to prove the leases were bogus, so the depreciation claims were upheld. Case-Laws Income Tax Fri, 01 Apr 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=119068