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CIT, LTU v. Canara Bank. (2022) 142 taxmann.com 361 (Karn.)(HC) Editorial : Notice issued IN SLP filed by the Revenue, CIT, LTU v. Canara Bank. (2022) 289 Taxman 82 (SC)

S. 32 : Depreciation-lease of assets-Genuine transaction-Entitle to depreciation.

Dismissing the appeal of the Revenue the Court held that since transaction of assessee-bank with two companies, namely Rajendra Steels and Kedia group companies was genuine and assets which were leased out were in existence, assessee was entitled to depreciation. (AY. 2007-08)