2017 (7) TMI 263 - SCH - Income Tax

Claim for depreciation on Flameless Furnace - Held that - No merit in this petition. The special leave petition is, accordingly, dismissed. HC Order confirmed 2017 (1) TMI 1156 - BOMBAY HIGH COURT As per HC Assessee was not able to explain even the whereabouts of the Furnace which is alleged to be owned by it -claim for depreciation denied as the purchase and lease was as sham on the basis of a statement of the Director of the lessee u/s. 133 - Decided against assessee.