“Sham” lease transactions cannot be given relief as “financial arrangements”.

IN THE SUPREME COURT OF INDIA, CIVIL APPELLATE JURISDICTION CIVIL APPEAL NO. 955 /2009 (arising out of SLP(C) No. 4286/2007) MCorp Global Pvt. Ltd.  versus Commissioner of Income-tax, Ghaziabad  J U D G M E N T S.H. KAPADIA, J. Leave granted. 2. This civil appeal filed by the assessee is directed against judgment and order dated 22.9.2006 in ITA No. 164/04 by the Delhi High Court. By the impugned judgment, confirming the decision of the Tribunal, the High Court has held that the appellant (assessee) is not entitled to claim depreciation under Section 32(1)(ii) of the Income...