Supreme Court of India
Mcorp Global Pvt. Ltd. v. Commissioner of Income-tax, Ghaziabad
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
What the Court ordered
We hold that the benefit of depreciation given to the assessee by the AO in respect of 42.000 bottle$ out of 5,46,000 bottles cannot be withdrawn by the Department and to that extent alone the assessee succeeds r in this civil appeal.
Judgment, page 6
From the headnote
Income Tax Act, 1961 : .... J Depreciation - claim for - In respect of two lease trans- actions by the assessee- In respect of first transaction initially c partly denied by AO but on remission of the matter assessee held to be 100% entitled- Order of AO on remission not cha/- Jenged - The order of AO denying depreciation confirmed by Tribunal and High Court - In respect of second transactions, depreciation denied by AO and the appellate court~ holding + the same to be a sham- On appeal, held: Denial of deprecia- tion in respect of first transaction not correct - Tribunal has no power to
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