2017 (3) TMI 1733

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..... A copy of the agreement available at paper-book shows that it is a lease-cum-purchase of containers. It is not clear from the agreement whether it is a finance lease or operating lease. The fact remains that the assessee treated the containers as capital asset and alternatively claimed depreciation also. The alternative claim of depreciation was allowed by the Assessing Officer. Therefore, this Tr .....

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..... peals is with regard to reopening of assessment. 3. During the course of hearing, the Ld.counsel for the assessee very fairly submitted that he is not pressing this ground. Accordingly, the issue raised by the assessee for reopening of assessment under Section 147 of the Income-tax Act, 1961 (in short 'the Act') is dismissed as not pressed. 4. The only other issue remains to be adjud .....

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..... asset in the books. Since it was treated as capital asset, according to the Ld. D.R., the CIT(Appeals) disallowed the claim of the assessee towards payment of lease rental, however, he allowed the depreciation as claimed. 7. We have considered the rival submissions on either side and perused the relevant material available on record. The assessee claims that the containers were taken as lease. .....

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