https://www.taxtmi.com/caselaws?id=32430 SC held the so-called lease dated 15.3.1991 was not proved and affirmed the AO's disallowance of depreciation of Rs. 30,17,122 under the Second Transaction. The Court deleted the disallowance of depreciation of Rs. 18,04,572 under the First Transaction. An alternative contention that, if the Second Transaction were a financial arrangement, only embedded interest should be taxed was noted and the matter was remitted for appropriate recalculation. The civil appeal was partly allowed. en-us Thu, 12 Feb 2009 00:00:00 +0530 Fri, 05 Sep 2025 12:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=32430 SC held the so-called lease dated 15.3.1991 was not proved and affirmed the AO's disallowance of depreciation of Rs. 30,17,122 under the Second Transaction. The Court deleted the disallowance of depreciation of Rs. 18,04,572 under the First Transaction. An alternative contention that, if the Second Transaction were a financial arrangement, only embedded interest should be taxed was noted and the matter was remitted for appropriate recalculation. The civil appeal was partly allowed. Case-Laws Income Tax Thu, 12 Feb 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=32430