2012 (11) TMI 1196

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..... ssment years 1998-99 and 1999-2000, respectively, against separate orders dated 12.3.2010 and 18.3.2010 of ld CIT(A). Common ground raised in both the appeals read as under: 1. On the facts and in the circumstances of the case and in law, ld CIT(A) erred in upholding the disallowance of depreciation made by the AO in respect of certain assets given under sale and lease back basis by treating .....

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..... admissible to the lessor who is simply a nominal and symbolic owner of the asset, whereas the real owner who bears all the risks and rewards incidental to the ownership is the lessee. It has thus been held that it is only the lessee who is the actual and real owner of the asset in case of a finance lease, who is eventually entitled to depreciation and not the lessor. Copy of the decision of ITAT .....

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