YASHWANT VARMA, J.
1. The assessee as well as the Revenue seek to assail the correctness
of the judgment dated 14 March 2018 rendered by the Income Tax
Appellate Tribunal1 and in terms of which the two cross appeals of
parties have come to be decided. We had in terms of our order of 23
January 2024 admitted these two appeals on the following questions of
law:
“ITA No. 660/2018
A. Whether on the facts and in the circumstances of the case and in
law, the ITAT erred in upholding the disallowance of depreciation
1 Tribunal
to the tune of Rs.5,10,79,752/- claimed on account of Asset
Reconstruction Cost [“ARC‟] being an ascertained liability, or
alternatively allowing deduction for such expenditure in the year of
execution of lease agreements or over the period of the lease?
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