Assessee entitled to depreciation on assets which were in its possession and it cannot be denied merely on the ground that the registration formalities were pending

Indian Railway Finance Corpn Ltd Vs Addl. CIT (ITAT Delhi) – Whether the lease equalization charges which represented the recovery of fair value of leased assets are rightly added to the net income as per the profit and loss account while computing the book profits u/s 115JB – Whether the bond issue charges are revenue in nature – Whether the assessee is entitled to depreciation on the assets which were in its possession and it cannot be denied merely on the ground that the registration formalities were pending – Assessee’s appeal allowed.

IN THE INCOME TAX APPELLATE TRIBUNAL

[ DELHI BENCH “B” DELHI ]

BEFORE SHRI R. P. TOLANI, JM & SHRI K. D. RANJAN, AM

I. T. Appeal No. 2594 (Del) of 2005

Please become a Premium member. If you are already a Premium member, login here to access the full content.