Allowability of depreciation on leased out LPG cyclinders, Air Jet Spindle Assembly & Positar Disc

Held that, In the case of LPG cylinders, the transaction was only a financing transaction and was not a lease as there is no material to show that the assessee became the owner of the cylinders and leased them to Janta; in the case of airjet spindles and positar disc, the very existence of the assets and the genuineness of the purchase of the assets by the assessee was not proved. In both the cases, therefore, the assessee was not entitled to depreciation. HIGH COURT OF DELHI Date of Decision: 5th December, 2012 ITA 475/2006 COMMISSIONER OF INCOME TAX Versus M/S. GANAPATI FINA...