2013 (4) TMI 92

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ature of merely a financing transaction ? B. Whether on the facts and in the circumstances of the case and in law the Appellate Tribunal has erred in holding that the deprecation was allowable on motor buses leased out to Ahmedabad Municipal Transport Services @ 40% as against @ 20% allowed by the Assessing Officer and thereby erred in deleting the disallowance of depreciation of Rs.11,553/- ?" It is candidly pointed out by the learned counsel for the appellant that as far as first question is concerned, this Court in Tax Appeal No.242 of 2010 has decided the issue in favour of the assessee and against the Revenue. It would be apt to reproduce the findings : "5.1 Taking firstly issue No.1 of depreciation and the lease out to RSEB and dis....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ssessee. CIT [A], by Order dated 25th March 2008 ruled in favour of the assessee. Revenue carried the matter in appeal before the Tribunal. The Tribunal, by impugned order dated 9th January 2009, dismissed the appeal relying on the previous decision of the Tribunal in the matter of Unimed Technologies Limited vs. DCIT [(2008) 73 ITD 150]. The decision of the Tribunal is under challenge before us in appeal. Counsel for the revenue, while taking us to the record, sought to make distinction in the present case as compared to the facts in the case of Unimed Technoligies Limited [Supra]. We are, however, of the opinion that we need not go in such niceties. This Court, in the case of CIT vs. Gujarat Gas Company Limited, by its judgment dated 10....