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DELHI HIGH COURT
SANJIV KHANNA, R.V.EASWAR
Commissioner of Income Tax – Appellant
Versus
Instalment Supply Limited – Respondent
JUDGMENT
Sanjiv Khanna, J.:
This appeal by the Revenue in the case of Installment Supply Limited, the assessee pertains to the assessment year 1994-95. The impugned order passed by the Income Tax Appellate Tribunal (Tribunal) in ITA No.1156 /Del/2002 is dated 22nd September, 2006.
2. The present appeal was admitted to hearing vide order dated 15th September, 2010 and the following substantial question of law was framed:
"Whether the ITAT was correct in law in deleting addition of Rs.39,33,333/- made by the Assessing Officer by disallowing claim of depreciation in respect of assets allegedly leased to M/s. H.C.L. Hewlett Packard Ltd.?"
3. In view of what was highlighted during the course of arguments, we are inclined to reformulate the substantial question of law mentioned above and the same should reads as under:
"Whether the Income Tax Appellate Tribunal has rightly examined the facts and the issue in question while allowing the appeal of the assessee and holding that the addition of Rs.39,33,333/- towards depreciation of assets leased to HCL Hewlett Packard Limited should be allowed?" We had heard counsel for the parties on the said question.
4. The assessee is a compa
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