https://www.taxtmi.com/caselaws?id=33989 HC upheld the assessee's position, finding the reassessment under sections 147/148 unsustainable and allowing depreciation under section 32 on leased assets. The court held the leased machines were shown in audited financials, treated as assets of the lessor for excise, insured and transported by the lessor, and lacked features of a finance lease (no transfer or purchase option). On these facts the lease was operating in nature, entitling the assessee to the claimed benefits; questions were answered in favour of the assessee and all appeals were dismissed. en-us Tue, 06 May 2008 00:00:00 +0530 Tue, 09 Sep 2025 11:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=33989 HC upheld the assessee's position, finding the reassessment under sections 147/148 unsustainable and allowing depreciation under section 32 on leased assets. The court held the leased machines were shown in audited financials, treated as assets of the lessor for excise, insured and transported by the lessor, and lacked features of a finance lease (no transfer or purchase option). On these facts the lease was operating in nature, entitling the assessee to the claimed benefits; questions were answered in favour of the assessee and all appeals were dismissed. Case-Laws Income Tax Tue, 06 May 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=33989