CIT v. Canara Bank (2021) 277 Taxman 440 (Karn.)(HC)

S. 32 : Depreciation-Assets leased-Search and seizure-Depreciation allowed is up held. [S.132]

Dismissing the appeal of the revenue the Court held that the assessee has discharged the onus to prove genuineness of transaction by furnishing necessary documents viz., copies of sanction letter, lease agreements, invoices, inspection records on various dates and inspection reports pertaining to pre-search and post-search period in support of its claim. Order of Tribunal is affirmed. (AY. 1997-98)