https://www.taxtmi.com/caselaws?id=2880 The Tribunal's appellate power under section 254(1) extends to examining lease deeds already on record and assessing the real nature of the transaction rather than accepting form alone. The commentary notes that, where surrounding facts, timing, rental structure, delivery arrangements, party conduct and inconsistent clauses show a financing device, the arrangement may be treated as a colourable financial transaction instead of a genuine lease. On that basis, a claim for 100% depreciation on soft drink bottles would fail because the incidents of ownership and control do not correspond to a true hiring arrangement. en-us Fri, 22 Sep 2006 00:00:00 +0530 Mon, 23 Dec 2024 10:20:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=2880 The Tribunal's appellate power under section 254(1) extends to examining lease deeds already on record and assessing the real nature of the transaction rather than accepting form alone. The commentary notes that, where surrounding facts, timing, rental structure, delivery arrangements, party conduct and inconsistent clauses show a financing device, the arrangement may be treated as a colourable financial transaction instead of a genuine lease. On that basis, a claim for 100% depreciation on soft drink bottles would fail because the incidents of ownership and control do not correspond to a true hiring arrangement. Case-Laws Income Tax Fri, 22 Sep 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=2880