2015 (3) TMI 1219

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....ER I.P.BANSAL, J.M: All these appeals are filed by the assessee and are directed against three separate orders dated 8/6/2012 passed by Ld. CIT(A) in respect of assessment years 1995-96, 1996-97, 1997-98. In all these appeals assessee is aggrieved by levy of concealment penalty on the disallowance of depreciation in respect of assets given under " sale and lease back basis". Grounds of appeal in....

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....76/Mum/2010, copy of the said order was placed on our record, wherein following the decision of Hon'ble Supreme Court in the case of ICDS Ltd., vs. CIT, 350 ITR 527 (SC), the assessee has been held to be entitled for depreciation of such assets and earlier order of the Tribunal vide which it was held that such disallowance was right ( order of Tribunal dated 9/5/2012) was rectified. Relevant porti....

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.... owner who bears all the risks and rewards incidental to the ownership is the lessee. In the judgment delivered subsequently in the case of I.C.D.S. Ltd. (supra), the Hon'ble Supreme Court has held that even in the case of finance lease, the lessor is eligible to claim depreciation. As pointed out by the ld. Counsel for the assessee, the said decision of the Hon'ble Supreme Court in the case of I.....

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....although rendered subsequently would give rise to a mistake apparent from record in the order of the Tribunal which is not in conformity with the said decision. Keeping in view the said decision of the Hon'ble Apex Court, which is squarely applicable in the present context, we rectify the order of the Tribunal dated 9-5-2012 (supra) and direct the A.O. to allow the claim of the assessee for deprec....