2014 (4) TMI 1149

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....y these Misc. Applications, the assessee is seeking rectification of the common order of the tribunal dated 9-5-2012 passed in ITA No. 2574, 2575 and 2576/Mum/2010 for assessment years 1995-96, 1996-97 & 1997-98 on the ground that the view taken therein while confirming the disallowance made on account of assessee's claim for depreciation in respect of certain assets purchased from certain parties....

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....finance lease 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. 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....

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.... (2008) 305 ITR 227 (SC), the Hon'ble Supreme Court has held that even the judgment of the jurisdictional High Court, 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 rect....