Asset acquired under sale and lease back transaction with payment of rent held as 'sham'; no depreci

IT-I : Where assessee having purchased lanterns from PHOTON, alleged by leased out same to third parties, in view of fact that amount paid to PHOTON was received back instantaneously in form of advance lease rent, revenue authorities rightly concluded that transaction in question was sham and, therefore, assessee's claim for depreciation in respect of leased out assets was to be rejected