https://www.taxtmi.com/caselaws?id=239481 The High Court found lease transactions involving non-existent assets to be bogus, aimed at fraudulently claiming 100% depreciation. Reopening of assessment was deemed valid based on new material from a Section 133A survey. The assessee's claim for 100% depreciation was denied due to lack of evidence supporting asset purchase or lease. The High Court ruled in favor of the Revenue, upholding lower authorities' decisions and overturning the Tribunal's order. The burden of proof rested on the assessee, who failed to substantiate transaction legitimacy and asset existence. en-us Wed, 04 Sep 2013 00:00:00 +0530 Thu, 14 Nov 2013 22:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=239481 The High Court found lease transactions involving non-existent assets to be bogus, aimed at fraudulently claiming 100% depreciation. Reopening of assessment was deemed valid based on new material from a Section 133A survey. The assessee's claim for 100% depreciation was denied due to lack of evidence supporting asset purchase or lease. The High Court ruled in favor of the Revenue, upholding lower authorities' decisions and overturning the Tribunal's order. The burden of proof rested on the assessee, who failed to substantiate transaction legitimacy and asset existence. Case-Laws Income Tax Wed, 04 Sep 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=239481