Sale and Lease Transactions by Banks are Valid and eligible for depreciation

It is an undisputed fact that the income from lease has been considered by Assessee as income. It is also an undisputed fact that the AO has considered the lease entered by the Assessee to be a Finance lease to arrive at the conclusion that the assessee is not entitled to depreciation. On identical facts, in the Assessee’s own case for AY 2002-03 (in ITA No. 2572/Ahd/2006 order dated 25.09.2006 the issue has been decided in favor of Assessee by holding as under: 25. We have heard the rival submissions and perused the material on record. It is an undisputed fact that the income from lease has...