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TMI Blog2014 (2) TMI 1249X X X X Extracts X X X X X X X X Extracts X X X X ..... TAX APPEAL NO. 1069 of 2010 , TAX APPEAL NO. 898 of 2010 , TAX APPEAL NO. 937 of 2011 , TAX APPEAL NO. 564 of 2013 , TAX APPEAL NO. 1334 of 2009 - - - Dated:- 17-2-2014 - <!--[if gte mso 9]> <![endif]--> MR. AKIL KURESHI AND MS SONIA GOKANI, JJ. MR BHATT, LD.SENIOR COUNSEL WITH MRS MAUNA M BHATT, ADVOCATE FOR THE APPELLANT MR MANISH J SHAH, ADVOCATE FOR THE RESPONDENT GOKANI COMMON ORAL JUDGMENT (PER : HONOURABLE MS JUSTICE SONIA GOKANI) 1. Since all the Tax Appeals raise common question of law and facts, by a common judgment, they are being decided. However, for the purpose of adjudication, the facts contained in Tax Appeal No.1048 of 2010, wherever necessary shall be referred. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eals). The CIT (Appeals) observed that The claim of the appellant could not be disallowed lightly by superfluous observation that expenses and interest credits (lease rentals) would off set each other.. .. .. However, lease transactions were there for several years and unless a uniform stand is taken, any disjoined attempt midway could be against the reasoning and law. It, accordingly, directed the Assessing Officer to allow the same considering the explanation 4A to section 43(1) of the Income tax Act, 1961 (hereinafter referred to as the Act ), which takes care of lease transaction with effect from October 01, 1996. 3.3 The Revenue challenged the same before the Tribunal and the Tribunal following its own findings in the assessee s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the case of I.C.D.S. Ltd. vs. Commissioner of IncomeTax and another reported in [2013] 350 ITR 527 (SC). 4. In that view of the matter, this question need not detain us any longer. In the said judgment, the Supreme Court held that for claiming higher rate of depreciation, there is no requirement under the Act of usage of the assets by the assessee himself. The vehicles were purchased by the assessee from manufacturer and leased out to customers. Such vehicles were used in the course of leasing business. The Supreme Court allowed the assessee s appeal reversing the judgment of the High Court rejecting the Revenue s argument that the assessee not being the owner and only a lessor cannot claim the depreciation. 5. Since facts are sim ..... X X X X Extracts X X X X X X X X Extracts X X X X
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