https://www.taxtmi.com/caselaws?id=397421 The Tribunal dismissed all Miscellaneous Petitions filed by the assessee, ruling that there were no apparent mistakes in the original order and rejecting the admission of additional grounds filed after the prescribed time limit. The Tribunal upheld the classification of lease transactions as "sham" due to the absence of lease agreements, leading to the disallowance of depreciation claims on leased assets. Despite the assessee's arguments and citations, the Tribunal emphasized the crucial role of lease agreements in determining ownership and eligibility for depreciation, ultimately affirming the lower authorities' decisions. en-us Fri, 14 Aug 2020 00:00:00 +0530 Tue, 18 Aug 2020 07:38:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=397421 The Tribunal dismissed all Miscellaneous Petitions filed by the assessee, ruling that there were no apparent mistakes in the original order and rejecting the admission of additional grounds filed after the prescribed time limit. The Tribunal upheld the classification of lease transactions as "sham" due to the absence of lease agreements, leading to the disallowance of depreciation claims on leased assets. Despite the assessee's arguments and citations, the Tribunal emphasized the crucial role of lease agreements in determining ownership and eligibility for depreciation, ultimately affirming the lower authorities' decisions. Case-Laws Income Tax Fri, 14 Aug 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=397421