Held, dismissing the appeal of the Revenue the Court held that from the relevant clauses of the agreements dated December 8, 1993 and December 30, 1994, it was apparent that the assessee had become the owner of the plant and machinery. Further the lease rentals in entirety had been taxed as revenue receipts. Order of High Court allowing the depreciation is affirmed.
CIT v. SBI Home Financer Ltd. (2022) 447 ITR 659 /(2023) 290 Taxman 108(SC) Editorial : Order in SBI Home Financer Ltd v. CIT (2006) 286 ITR 6 (Cal)(HC) affirmed.
S. 32 : Depreciation-Lease of property-Terms of lease showing assessee owner of plant and machinery-Lease rentals taxed as revenue receipts-Entitle to depreciation.