Depreciation allowable on leased asset which in substance is a purchase

HIGH COURT OF BOMBAY Mather & Platt (I.) Ltd. versus Commissioner of Income-tax, Bombay City – VI INCOME TAX REFERENCE NO. 110 OF 1995 SEPTEMBER 18, 2012 JUDGMENT S.J. Vazifdar, J.  This is a Reference under section 256(1) of the Income Tax Act, 1961, arising from the order of the Income Tax Appellate Tribunal in ITA No.5873/Bom/86 and ITA 6060/Bom/86, relating to the assessment year 1983-84. The applicant-assessee and the respondent-Department filed two separate reference applications each. The Tribunal drew up a statement of case seeking the opinion of this Court...