2016 (10) TMI 48

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.... For the Respondent : Sh. Simran Mehta, Advocate ORDER The question of law framed in this appeal is whether the Tribunal was justified in allowing depreciation on the assets when the Assessing Officer (AO) had treated the transactions as that of finance and not of leasing. The essential facts necessary to decide the appeal are that the assessee acquired certain industrial assets and claimed de....

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....7/2002, decided on 13.11.2013]. In the said appeal, the Court, by a detailed judgment considered various decisions, including the judgment of the Supreme Court reported as ICDS Ltd. v. CIT 350 ITR 527 as well as Asea Brown Boveri Ltd. v. Industrial Finance Corporation of India and Ors. 2005 (126) Comp. Case 332. Learned counsel for the revenue urges that there is another line of reasoning enunciat....