https://www.taxtmi.com/caselaws?id=271818 The court upheld the Income Tax Appellate Tribunal's decision to allow depreciation on assets from a sale and lease back transaction with the Haryana State Electricity Board for Assessment Year 1996-97. The court emphasized the necessity of ownership and business use for depreciation claims, which were satisfied in this case. Previous court decisions and dismissals of appeals supported the allowance of depreciation, leading to the dismissal of the appeal as it did not raise any substantial question of law for consideration. The judgment reaffirmed the decision based on the genuine nature of the transaction and alignment with legal requirements for depreciation claims. en-us Mon, 08 Feb 2016 00:00:00 +0530 Mon, 02 May 2016 18:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=271818 The court upheld the Income Tax Appellate Tribunal's decision to allow depreciation on assets from a sale and lease back transaction with the Haryana State Electricity Board for Assessment Year 1996-97. The court emphasized the necessity of ownership and business use for depreciation claims, which were satisfied in this case. Previous court decisions and dismissals of appeals supported the allowance of depreciation, leading to the dismissal of the appeal as it did not raise any substantial question of law for consideration. The judgment reaffirmed the decision based on the genuine nature of the transaction and alignment with legal requirements for depreciation claims. Case-Laws Income Tax Mon, 08 Feb 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=271818