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TMI Blog2008 (9) TMI 488X X X X Extracts X X X X X X X X Extracts X X X X ..... on of Rs. 1,18,10,500 made on account of excess depreciation ?” - both the Commissioner (Appeals) and the Tribunal have concurrently found that ownership of assets in the hands of the assessee-lessor is not disputed and delivery of assets on September 30, 1996, is also not disputed. In so far as usage of assets is concerned, it has been held that there was no evidence to justify that assets were n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion ?" 3. Heard learned counsel for the appellant-Revenue. She has reiterated the observations made by the Assessing Officer for the assessment year. However, learned standing counsel could not point out as to how the facts in the present case are different from the facts noted by this court in the case of CIT v. Pinnacle Finance Ltd. [2004] 268 ITR 395 where the High Court has followed the apex ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e of leased out assets is to be considered with the angle of the use of the assets in the assets in the business of the lessor and not the lessee and since, in the present case, the lessor's ownership, execution of lawful agreement for leasing out the assets to the lessee and delivery of the assets to the lessee by September 30, 1996, has been accepted by the Revenue, the assets in question, for t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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