https://www.taxtmi.com/caselaws?id=11284 In a sale-cum-leaseback claim for depreciation, the assessee must prove a real transfer of possession and compliance with the statutory requirements; where the documents do not show genuine delivery, redelivery, identification of the machinery, or commercial substance, the arrangement may be treated as a sham or colourable device and depreciation disallowed. If the transaction is found unreal and tax-avoidance oriented, the Revenue may look beyond form to its true character, treat it as a financing arrangement, and bring notional interest to tax on that basis. en-us Fri, 19 Sep 2003 00:00:00 +0530 Fri, 14 Aug 2015 01:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11284 In a sale-cum-leaseback claim for depreciation, the assessee must prove a real transfer of possession and compliance with the statutory requirements; where the documents do not show genuine delivery, redelivery, identification of the machinery, or commercial substance, the arrangement may be treated as a sham or colourable device and depreciation disallowed. If the transaction is found unreal and tax-avoidance oriented, the Revenue may look beyond form to its true character, treat it as a financing arrangement, and bring notional interest to tax on that basis. Case-Laws Income Tax Fri, 19 Sep 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11284