2012 (11) TMI 1196

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....Mittal, JM: The assessee has filed these two appeals for assessment years 1998-99 and 1999-2000, respectively, against separate orders dated 12.3.2010 and 18.3.2010 of ld CIT(A). Common ground raised in both the appeals read as under: "1. On the facts and in the circumstances of the case and in law, ld CIT(A) erred in upholding the disallowance of depreciation made by the AO in respect....

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.... on 14.3.2012, 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 asset in case of a finance lease, who is eventuall....