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The Tax PublishersIT(TP)A No. 149(Bang)/2019
2020 TaxPub(DT) 2318 (Bang-Trib)INCOME TAX ACT, 1961
Section 32(1)
To claim depreciation in relation to assets leased out under finance lease assessee was required to produce copies of agreements, however, assessee only produced a few of them. Accordingly, assessee was directed to produce some more for examination before AO, if the terms and conditions mentioned in the lease agreement were similar to the terms and conditions that in case of ICDS v. CIT assessee depreciation would to be granted to assessee as claimed.
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Depreciation - Allowability - Assets leased out under finance lease - Assessee produced only few of the copies of concerned agreements
Assessee claimed depreciation in relation to assets leased out under finance lease. AO disallowed assessee's claim.Held: Assessee was required to produce copies of agreements, however, assessee only produced a few of them. Accordingly, assessee was directed to produce some more for examination before AO, if the terms and conditions mentioned in the lease agreement were similar to the terms and conditions that in case of ICDS v. CIT and if there was no material variation in the context then depreciation would to be granted to assessee as claimed.
Relied:ICDS v. CIT [Civil Appeal No. 3282 of 2008] : 013 TaxPub(DT) 414 (SC).
REFERRED :
FAVOUR : Matter remanded.
A.Y. :
INCOME TAX ACT, 1961
Section 92C
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