Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2022 (12) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (12) TMI 999 - ITAT MUMBAIDisallowance of depreciation in respect of asset given on lease - the lessee has been given only right to use the asset for the terms of the lease on payment of specified lease rent for a lease period of 10 years - HELD THAT:- We find that the coordinate bench of the Tribunal in assessee’s own case in Reliance Corporate IT Park Ltd. [2019 (6) TMI 1489 - ITAT MUMBAI] while deciding similar issue in favour of the assessee following the ratio of the Hon'ble Supreme Court in the case of ICDS [2013 (1) TMI 344 - SUPREME COURT] we are of the considered view that the assessee is entitled for depreciation on the leased asset as per provisions of section 32(1) - CIT(A) after considering relevant facts has rightly deleted additions made by the AO towards disallowance of depreciation, hence, we are inclined to uphold the findings of the Ld CIT(A) and reject the ground taken by the Revenue. Transfer pricing adjustment qua the comparables - benchmarking the international transaction pertaining to ‘provision of ITeS services’ - HELD THAT:- Companies functionally dissimilar with that of assessee need to be deselected from final list.
|