https://www.taxtmi.com/caselaws?id=802669 Depreciation on the purchase price remains available for a genuine sale and leaseback where the statutory conditions for redetermining actual cost are not met. Treating the transaction as a colourable device or redetermining its actual cost requires supporting material, not mere suspicion of a tax-avoidance motive. Written-down value is not a measure of market value, while an uncontradicted valuation following physical inspection supports the purchase price. Same-day sale and lease documents and the seller's continued possession are features inherent in a sale and leaseback. The business-expenditure test is distinct from the requirements for depreciation. en-us Mon, 12 Oct 2026 00:00:00 +0530 Fri, 13 Nov 2026 08:45:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=802669 Depreciation on the purchase price remains available for a genuine sale and leaseback where the statutory conditions for redetermining actual cost are not met. Treating the transaction as a colourable device or redetermining its actual cost requires supporting material, not mere suspicion of a tax-avoidance motive. Written-down value is not a measure of market value, while an uncontradicted valuation following physical inspection supports the purchase price. Same-day sale and lease documents and the seller's continued possession are features inherent in a sale and leaseback. The business-expenditure test is distinct from the requirements for depreciation. Case-Laws Income Tax Mon, 12 Oct 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=802669