2012 (5) TMI 729

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....ER R.S. SYAL, AM : These three appeals by the assessee relating to assessment years 1995-96, 1996-97 and 1997-98 involve a solitary common ground which reads as under : "On the facts and in the circumstances of the case and in law, the learned CIT(A) erred in upholding the disallowance of depreciation made by the Assessing Officer in respect of certain assets given under 'sale and leas....

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....assed Special Bench order in ITA Nos.6566/Mum/2002 & 606/Mum/2003 holding that in the case of finance lease depreciation is not admissible to the lessor who is simply a nominal and symbolic owner of the asset, whereas the real owner who bears all the risks and rewards incidental to the ownership is the lessee. It has thus been held that it is only the lessee who is the actual and real owner of the....