ITA 124 of 2004 dated 6-8-2012 CIT Vs. Ranbir Chemicals (P&H HC)
appellant-revenue submitted that the assessee had let out the machinery without there being any commercial expediency and the amount of lease was not increased in spite of providing additional machinery worth ` 45,64,613/-.Held by CIT A and ITAT that once purchase of machinery and letting out was not in doubt depreciation has to be allowed. Order confirmed by High Court
appellant-revenue submitted that the assessee had let out the machinery without there being any commercial expediency and the amount of lease was not increased in spite of providing additional machinery worth ` 45,64,613/-.Held by CIT A and ITAT that once purchase of machinery and letting out was not in doubt depreciation has to be allowed. Order confirmed by High Court
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