https://www.taxtmi.com/caselaws?id=13344 The HC concluded that the assessee, a public limited company, was not entitled to claim depreciation on assets leased to educational institutions. The transactions were deemed tax avoidance mechanisms, lacking genuine commercial substance. The appeal by the assessee was dismissed, and the Revenue's appeal was allowed, overturning the ITAT's decision. The substantial question of law was resolved in favor of the Revenue, affirming that the transactions were engineered to evade tax liability rather than legitimate tax planning. en-us Fri, 09 Feb 2007 00:00:00 +0530 Wed, 21 Feb 2024 11:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13344 The HC concluded that the assessee, a public limited company, was not entitled to claim depreciation on assets leased to educational institutions. The transactions were deemed tax avoidance mechanisms, lacking genuine commercial substance. The appeal by the assessee was dismissed, and the Revenue's appeal was allowed, overturning the ITAT's decision. The substantial question of law was resolved in favor of the Revenue, affirming that the transactions were engineered to evade tax liability rather than legitimate tax planning. Case-Laws Income Tax Fri, 09 Feb 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13344