Being ownership vest with lessor in leased including sale & lease back assets, depreciation u/s 32 allowed

Brief of the Case ITAT Mumbai held In the case of ICICI Ltd. vs. ACIT that in assessee’s own case for the AY 1995-96, the ITAT referred the case of S.B.I. Home Finance Ltd. v. CIT (2006) 280 ITR 6 in which the Hon’ble Calcutta High Court has held that the leased transactions were genuine. In this case the Finance Company had entered into lease agreement, which was not accepted by the departmental authority as genuine transaction and the claim of the depreciation was denied. The Hon’ble High Court has held that even though the premises of the lease given to 3rd party have an option to pu...