2008 (9) TMI 488

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....he judgment of the court was delivered by 2. D. A. MEIITA J.-The appellant-Revenue has proposed the following question : "Whether the Appellate Tribunal is right in law and on facts in confirming the order of the Commissioner of Income-tax (Appeals) in deleting the disallowance of depreciation of Rs. 1,18,10,500 made on account of excess depreciation ?" 3. Heard learned counsel for the ap....

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.... assets were not put to use. The Tribunal has recorded as under : "In view of the above facts and circumstances of the case, we respectfully following the decision of the jurisdictional High Court in the case of Pinnacle Finance Ltd. [2004] 268 ITR 395 (Guj) as well as the decisions of various Benches of the Tribunal (supra), are of the opinion that the use of leased out assets is to be conside....