Assessee claimed depreciation on leased assets. AO rejected assessee’s claim holding that lease transactions were not genuine. Tribunal held that assessee had brought on record reliable documentary evidence showing genuineness of lease transactions. Accordingly allowed the depreciation. Appeal of revenue was dismissed by the High Court. (AY. 1996-97)
PCIT v. Ushdev International Ltd. (2019) 110 taxmann.com 22 / 266 Taxman 372 (Bom.)(HC) Editorial : SLP of revenue is dismissed, PCIT v. Ushdev International Ltd. (2019) 266 Taxman 371 (SC)/ (2019) 416 ITR 128 (St.)(SC) .
S. 32 : Depreciation-leased assets–Entitle to depreciation–Less had admitted that the transaction were merely paper transaction – Question of fact. [S. 260A]