2014 (2) TMI 941

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....iate the fact that the appellant has neither concealed income nor furnished inaccurate particulars of income". 2. The solitary issue pertains to levy of penalty of Rs. 2,27,90,773/- u/s 271(1)(c) and sustained by the CIT(A). 3. The basic and brief facts are that the assessee is a bank, whose one of the businesses is leasing of assets. The assessee had been claiming depreciation on the assets leased by it for a number of years. The department consistently was of the view that the depreciation was not allowable. As mentioned in the assessment order, "the claim of depreciation on assets leased upto AY 1999-2000 has been disallowed by making detailed discussion in assessment order passed upto 1999-2000. Therefore, the claim of depreciation on....

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.... (i) Whether on the facts and in circumstances of the case and in law, the Tribunal's conclusion that the lease agreement dated 04.09.1997 is a finance lease can be upheld both in fact and in law? (ii) Whether on the fact and in the circumstances of the case and in law, the Tribunal's finding that the Appellant was not entitled to depreciation under Section 32 of the Act is sustainable? (iii) Whether on the facts and in the circumstances of the case and in law, the Tribunal is right in holding that in a finance lease the lessee is the owner of the leased asset and not the lessor and hence only the lessee is entitled to depreciation under Section 32 of the Act"? 7. The AR, besides bringing into our notice, the assessee's own case having b....