https://www.taxtmi.com/caselaws?id=249656 The Court upheld the decision of the Income Tax Appellate Tribunal allowing depreciation on a sale and lease back transaction. The Court found that the assessee was the owner of the machinery based on the nature of the agreement and business income received from the lease. Despite challenges by the Revenue, the Court determined the transaction was genuine, as evidenced by sales tax payment and disclosure of lease income. With no evidence of fraud, the Court dismissed the appeal, affirming the assessee's ownership and eligibility for depreciation. en-us Mon, 14 Jul 2014 00:00:00 +0530 Tue, 17 Feb 2015 15:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=249656 The Court upheld the decision of the Income Tax Appellate Tribunal allowing depreciation on a sale and lease back transaction. The Court found that the assessee was the owner of the machinery based on the nature of the agreement and business income received from the lease. Despite challenges by the Revenue, the Court determined the transaction was genuine, as evidenced by sales tax payment and disclosure of lease income. With no evidence of fraud, the Court dismissed the appeal, affirming the assessee's ownership and eligibility for depreciation. Case-Laws Income Tax Mon, 14 Jul 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=249656