https://www.taxtmi.com/caselaws?id=333028 The Tribunal was justified in allowing depreciation on assets treated as finance transactions by the Assessing Officer. The Court upheld the Tribunal's decision, emphasizing the importance of previous rulings such as ICDS Ltd. v. CIT and Asea Brown Boveri Ltd. v. Industrial Finance Corporation of India in determining what constitutes a "discernable asset" in leasing contexts. Despite the revenue's arguments based on Mysore Minerals Ltd. v. CIT, the Court found no reason to deviate from the precedent set by the previous appeal, ultimately ruling against the revenue and dismissing the appeal. en-us Thu, 15 Sep 2016 00:00:00 +0530 Fri, 30 Sep 2016 10:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=333028 The Tribunal was justified in allowing depreciation on assets treated as finance transactions by the Assessing Officer. The Court upheld the Tribunal's decision, emphasizing the importance of previous rulings such as ICDS Ltd. v. CIT and Asea Brown Boveri Ltd. v. Industrial Finance Corporation of India in determining what constitutes a "discernable asset" in leasing contexts. Despite the revenue's arguments based on Mysore Minerals Ltd. v. CIT, the Court found no reason to deviate from the precedent set by the previous appeal, ultimately ruling against the revenue and dismissing the appeal. Case-Laws Income Tax Thu, 15 Sep 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=333028