https://www.taxtmi.com/caselaws?id=217816 The Tribunal upheld the reopening of the assessment under section 147, supporting the disallowance of depreciation on leased assets due to sham transactions aimed at claiming undue tax benefits. The Tribunal found the lease and sale back transactions to be colorable and not genuine operating leases. The issue of tax treatment of lease rentals was remanded for reconsideration. The reassessment was deemed valid, rejecting arguments of merger with the CIT(A)'s order. The appeal was partly allowed for statistical purposes. en-us Wed, 18 Jul 2012 00:00:00 +0530 Wed, 03 Oct 2012 18:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=217816 The Tribunal upheld the reopening of the assessment under section 147, supporting the disallowance of depreciation on leased assets due to sham transactions aimed at claiming undue tax benefits. The Tribunal found the lease and sale back transactions to be colorable and not genuine operating leases. The issue of tax treatment of lease rentals was remanded for reconsideration. The reassessment was deemed valid, rejecting arguments of merger with the CIT(A)'s order. The appeal was partly allowed for statistical purposes. Case-Laws Income Tax Wed, 18 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=217816