TaxTMI 
TaxTMI 
2022 (3) TMI 1041
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....of by this common judgment. 2. These appeals are filed by the assessee under Section 260A of the Income Tax Act, 1961 ['Act' for short] assailing the order passed by the Income Tax Appellate Tribunal Bangalore Bench 'A', Bangalore ['Tribunal' for short] in ITA Nos.239, 242, 241, 246, 240 and 244/Bang/2018 dated 20.09.2019 and M.P.Nos.52 to 55/Bang/2020 relating to the assessment years 1995-96 to 2000-01 raising the following substantial questions of law: Common Substantial Questions of Law in ITA Nos.2 to 7/2022: "1. Whether on the facts and circumstances of the case, the Tribunal is right in perversely denying the Appellant's claim for deduction of depreciation on assets leased merely on the basis that lease agreements....
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....l is justified in perversely dismissing the miscellaneous petitions filed before it despite pointing out glaring errors apparent from records in the original order?" Common Substantial Questions of Law in ITA Nos.2, 5 and 7/2022: 6. Whether on the facts and circumstances of the case, the Tribunal is right in law in denying depreciation on assets leased by the Appellant to M/s. Khatema Fibers merely for the reason that the appellant did not pay the excise duty component on the assets leased when the same did not form part of actual cost under Explanation 9 to Section 43[1]? 7. Whether on the facts and circumstances of the case, the Tribunal is right in law in denying depreciation on assets leased by the Appellant t....
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....ial transaction and not lease transaction. Hence, these appeals by the assessee. 5. Learned senior counsel Sri. K.K. Chythanya appearing for the appellant-assessee would submit that the entire approach of the Tribunal is on a wrong notion that no lease agreements are placed on record by the assessee. The primary question involved herein i.e., whether the transactions are lease or financial arrangements would certainly depends on the clauses of the lease agreements which were made available before the Tribunal in the first round of litigation. This indeed has been considered by the Assessing Officer and it was recorded that "these lease agreements have been examined, they are all identical and contained identical terms and conditions they....
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....cepting the finding of the Assessing Officer/First Appellate Authority. 7. We have given our anxious consideration for the arguments advanced by the learned counsel appearing for the parties and perused the material on record. 8. Though the assessee has raised several substantial questions of law, we have considered only the substantial question of law No.1 which is the genesis for these appeals. The entire gamut of the order impugned revolves around the controversy whether the transactions involved in the case are lease or financial arrangement. In order to answer this controversy, it was necessary for the appellant-assessee to place on record the copies of the lease agreements. It may be true that the Tribunal was examining the matt....