https://www.taxtmi.com/caselaws?id=186815 The appeals by the assessee for assessment years 1995-96, 1996-97, and 1997-98 were dismissed. The court upheld the disallowance of depreciation in sale and lease back transactions, treating the lease transactions as finance transactions. Relying on the Special Bench's order in a similar case, the court clarified that in finance leases, the lessor is not entitled to depreciation, while the lessee, as the actual owner, can claim depreciation. The CIT(A)'s decision to deny depreciation to the assessee was affirmed by the court on May 9, 2012. en-us Wed, 09 May 2012 00:00:00 +0530 Mon, 19 Jun 2017 18:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=186815 The appeals by the assessee for assessment years 1995-96, 1996-97, and 1997-98 were dismissed. The court upheld the disallowance of depreciation in sale and lease back transactions, treating the lease transactions as finance transactions. Relying on the Special Bench's order in a similar case, the court clarified that in finance leases, the lessor is not entitled to depreciation, while the lessee, as the actual owner, can claim depreciation. The CIT(A)'s decision to deny depreciation to the assessee was affirmed by the court on May 9, 2012. Case-Laws Income Tax Wed, 09 May 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=186815