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TMI Blog2015 (3) TMI 1219X X X X Extracts X X X X X X X X Extracts X X X X ..... were leased out. Thus as addition itself has been deleted by the Tribunal, we do not find any justification in levy of concealment penalty - Decided in favour of assessee - ITA NO.5283/MUM/2012, ITA NO.5284/MUM/2012, ITA NO.5285/MUM/2012 - - - Dated:- 19-3-2015 - SHRI I.P. BANSAL, JUDICIAL MEMBER AND SHRI RAJENDRA , ACCOUNTANT MEMBER Appellant by : Ms.Heena Doshi Respondent by : Shri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e submissions of the appellant stating the facts and various case laws. ii) The contentious nature of the issue of depreciation on lease assets, which was decided by the Special Bench of ITAT. 2. At the time of hearing, it was pointed out by Ld. AR that the disallowance itself has been deleted by the Tribunal in respect of all these years vide order dated 30/04/2014 in MA No.420 to 422/Mum/ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt of assessee s claim for depreciation on the assets purchased and given back on lease was sustained by the Tribunal relying on the decision of Special Bench of the tribunal in the case of M/s IndusInd Bank Ltd. Vs. Addl. CIT passed by the tribunal on 14-3-2012 wherein it was held that depreciation in the case of finance lease is not admissible to the lessor who is simply a nominal and symbolic o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... its order dated 9-5-2012 (supra) thus is contrary to the view expressed by the Hon ble Supreme Court in the case of I.C.D.S. Ltd. (supra) rendered subsequently and this position has not been disputed even by the ld. D.R. at the time of hearing before us. In the case of ACIT vs. Saurashtra Kutch Stock Exchange Ltd. (2008) 305 ITR 227 (SC), the Hon ble Supreme Court has held that even the judgment ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he situation, after hearing both the parties, as addition itself has been deleted by the Tribunal, we do not find any justification in levy of concealment penalty. Accordingly, the same is deleted and these appeals filed by the assessee are allowed. 4. In the result, all the appeals filed by the assessee are allowed. Order pronounced in the open court on 19/03/2015 - - TaxTMI - TMITax - ..... X X X X Extracts X X X X X X X X Extracts X X X X
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