https://www.taxtmi.com/caselaws?id=32196 The Gujarat High Court upheld the Tribunal's decision affirming the genuineness of a sale and lease back transaction involving electrical equipment leased to the Rajasthan State Electricity Board. Despite the Assessing Officer's challenge, the Court found the transaction genuine based on evidence presented by the assessee, including invoices and treatment of lease rent as business income. The Court referenced a previous ruling by the Rajasthan High Court on a similar case, supporting the allowance of lease rental as a deduction. The Appeal was dismissed, maintaining the assessee's entitlement to depreciation for the Assessment Year 1995-96. en-us Wed, 10 Sep 2008 00:00:00 +0530 Sat, 24 Jan 2009 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=32196 The Gujarat High Court upheld the Tribunal's decision affirming the genuineness of a sale and lease back transaction involving electrical equipment leased to the Rajasthan State Electricity Board. Despite the Assessing Officer's challenge, the Court found the transaction genuine based on evidence presented by the assessee, including invoices and treatment of lease rent as business income. The Court referenced a previous ruling by the Rajasthan High Court on a similar case, supporting the allowance of lease rental as a deduction. The Appeal was dismissed, maintaining the assessee's entitlement to depreciation for the Assessment Year 1995-96. Case-Laws Income Tax Wed, 10 Sep 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=32196