https://www.taxtmi.com/caselaws?id=207209 The High Court affirmed the Tribunal's decision that the assessee was not entitled to claim depreciation on assets purchased on a hire-purchase basis and leased to a third party. The court held that the transactions were not genuine and were aimed at reducing tax liability. The assessee failed to establish ownership of the assets as required by Section 32 of the Income Tax Act. The court ruled in favor of the revenue, awarding costs of Rs.20,000/- against the assessee. en-us Mon, 28 Nov 2011 00:00:00 +0530 Sat, 29 Jun 2013 10:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=207209 The High Court affirmed the Tribunal's decision that the assessee was not entitled to claim depreciation on assets purchased on a hire-purchase basis and leased to a third party. The court held that the transactions were not genuine and were aimed at reducing tax liability. The assessee failed to establish ownership of the assets as required by Section 32 of the Income Tax Act. The court ruled in favor of the revenue, awarding costs of Rs.20,000/- against the assessee. Case-Laws Income Tax Mon, 28 Nov 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=207209