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TMI Blog2012 (10) TMI 476X X X X Extracts X X X X X X X X Extracts X X X X ..... round to interfere with the order of the authorities below rejecting the claim for depreciation. No useful purpose would be served by permitting the assessee to file additional grounds on the genuineness of the lease transaction - against assessee. - Tax Case (Appeal) Nos.2349 and 2350 of 2006 - - - Dated:- 3-10-2012 - Mrs. CHITRA VENKATARAMAN AND Mr. K. RAVICHANDRABAABU For Petitioner : Mr. P.J. Rishikesh For Respondent : Mr.Arun Kurian Joseph Standing Counsel JUDGMENT (Judgment of the Court was delivered by CHITRA VENKATARAMAN,J.) The assessee is on appeals as against the orders of the Tribunal by raising the following question of law:- "1. Whether in the facts and circumstances of the case, the Tribunal was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... alore, who gave value of two boilers viz., boiler No. 1248 purchased on 31.12.1989 and boiler No.1275 purchased on 15.3.1990 and the same was determined at Rs.52,50,000/-. The purchase value of new boiler of similar make at that time was mentioned at Rs.42 lakhs. The Assessing Officer pointed out that the assessee company had taken the invoice of Khoday Breweries Limited for boiler No. NB 1248 and even in the lease agreement, it was mentioned as only one boiler. Thus, the claim for depreciation of two boilers could not be granted. The Assessing Officer further pointed out that the boiler was attached to the land and sale could not be completed by mere issue of sale bills. Enquiry conducted through the Assistant Director (Intelligence), Bang ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ner of Income Tax (Appeals) found that there was no reference at all regarding the second boiler. Thus, the Commissioner of Income Tax (Appeals) came to the conclusion that the transactions were only paper transactions and the payment of the amount by the assessee was in the nature of finance transactions. 3. As regards the contention of the assessee that a suit was filed before this Court on the default committed by Khoday India Limited in paying the lease rentals, the Commissioner of Income Tax (Appeals) pointed out that the suit filed by the appellant on 17.10.97 was as regards the paying of lease rentals in respect of Oak Wooden Casks, as per agreement dated 24.11.1993 for Rs.25,00,000/- and two boilers leased as per agreement dated 3 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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