(M.R. Shah and C.T. Ravikumar, JJ.)
Petition(s) for Special Leave to Appeal (C) No(s). 25547/2014, decided on January 20, 2023
Commissiioner of Income Tax-III ____________________ Petitioner;
v.
Narmada Chematur Petrochemicals Ltd. (Now Known As Gujarat Narmada Valley Fertilizers Company Ltd.) __________ Respondent(s).
Petition(s) for Special Leave to Appeal (C) No(s). 25547/2014 and TA No. 1037/2013
The Order of the court was delivered by
Order
1. Having heard learned counsel for the respective parties and from the material on record, it appears that now it is the case on behalf of the Revenue that the respondent being the owner shall be entitled to depreciation. Mr. Manish J. shah, learned Senior Counsel appearing on behalf of the respondent has pointed out that in case the lessors are found to be the owners, are held to be entitled to depreciation. It is submitted that by passing the impugned order, the Hon’ble High Court has severally relied upon the decision of the Tribunal in the case of Gujarat Narmada Valley Fertilizers Company Limited [GNFC] and the Special Leave Petition which has been confirmed by the High Court and the Special Leave Petition against the same has been dismissed.
2. In view of the same, once the lessors are held to be the owners and are entitled to depreciation, the Revenue thereafter cannot be permitted with respect to the same transaction, the Respondent being the lessee are the owners and are entitled to depreciation.
3. We see no reason to interfere with the impugned judgment and order passed by the High Court. The Special Leave Petition stands dismissed.
4. Pending applications, if any, shall stand disposed of.
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