2016 (1) TMI 1494

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....the Respondent : Mr Nageswar Rao and Mr Sandeep S. Karhail, Advocates. ORDER 1. This is an appeal by the Revenue against the order dated 30th June, 2015 passed by the Income Tax Appellate Tribunal ('ITAT') in ITA No.5766/Del/2011 for the Assessment Year ('AY') 2007-08. The questions sought to be urged by the Revenue are as under: "2.1 Whether the Tribunal erred in law and on facts i....

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....37(1) of the Act that the expenditure was actually laid out or expended wholly and exclusively for the purposes of the business 2.4 Whether the Tribunal erred in law in invoking principle of Res Judicata on the facts and circumstances of the case?" 2. At the outset it is pointed that for the earlier AY 2006-07 a similar question sought to be urged by the Revenue and has been declined b....

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.... not make the Assessee eligible for the claim of depreciation. In the considered view of the Court, this amounts to re-characterization of a factual aspect which cannot be permitted. Admittedly, the vehicles are in the name of the Assessee and merely because the employee may be given an option of buying the vehicle from the Assessee at a subsequent point in time at the depreciated value, would not....