Mere fact that the asset purchased had been leased back & vendor had undertaken to pay lease charges can not per se lead to the conclusion that transaction is sham

IN THE ITAT MUMBAI BENCH ‘C’ Deputy Commissioner of Income-tax V/s. Prithvi Prakashan (P.) Ltd. IT Appeal NO. 5189 (MUM.) OF 2006 [ASSESSMENT YEAR 1993-94] AUGUST 3, 2012 ORDER Rajendra Singh, Accountant Member This appeal by the revenue is directed against the order dated 27.7.2006 of CIT(A) for the assessment year 1993-94. The only dispute raised in this appeal is regarding allowability of depreciation in respect of plant and machinery being leased out by the assessee. 2. The facts in brief are that the assessee had purchased 17 Iron Rolls used in Steel Industri...