https://www.taxtmi.com/caselaws?id=11092 A revisional finding under section 263 could not stand where plant and machinery used in sub-stations was reasonably covered by the 100 per cent depreciation entry for energy-saving or monitoring systems. The Court accepted that equipment such as circuit breakers, transformers, isolators, arrestors, control panels and capacitor banks formed part of an automatic electrical load monitoring system, so the assessee's depreciation claim was not erroneous. It also held that a sale and lease back arrangement could not be treated as a colourable device merely because it produced tax benefits; such a conclusion required supporting evidence, which was lacking. The matter was remanded only for factual determination of written down value and the exact depreciation admissible. en-us Wed, 17 Mar 2004 00:00:00 +0530 Fri, 31 Jul 2009 08:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11092 A revisional finding under section 263 could not stand where plant and machinery used in sub-stations was reasonably covered by the 100 per cent depreciation entry for energy-saving or monitoring systems. The Court accepted that equipment such as circuit breakers, transformers, isolators, arrestors, control panels and capacitor banks formed part of an automatic electrical load monitoring system, so the assessee's depreciation claim was not erroneous. It also held that a sale and lease back arrangement could not be treated as a colourable device merely because it produced tax benefits; such a conclusion required supporting evidence, which was lacking. The matter was remanded only for factual determination of written down value and the exact depreciation admissible. Case-Laws Income Tax Wed, 17 Mar 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11092