On appeal the High Court held that whether transactions were lease or financial, it was necessary for assessee to place on record copies of lease agreements. Accordingly matter was to be remanded back to Tribunal for providing an opportunity to assessee to furnish required lease agreements. (AY. 1995-96 to 2000-01).
Maharashtra Apex Corpn. Ltd. v. Dy.CIT (2022) 287 Taxman 310 /113 CCH 337 (Karn.)(HC)
S. 32 : Depreciation-Lease of assets-Financial transactions-Failure to provide lease agreements-Matter remanded [S. 143(3), 254(1)].