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TMI Blog2012 (11) TMI 142X X X X Extracts X X X X X X X X Extracts X X X X ..... nor filed any application for the adjournment of the case, therefore, it was decided to dispose of the appeal ex parte qua the assessee, on merits, after hearing the ld. D.R. 3. Briefly stated facts of the case are that the assessee company was incorporated on 18-3-92 under the name of M/s Vikin Finance Pvt. Ltd. Subsequently on 30-6-93 its name was changed to M/s Credential Investments & Finance Ltd. Thereafter, the name of the company was once again changed to M/s Credential Finance Ltd. The main business of the company is to deal in all kinds of financial documents like bills of exchange, hundis, I.O.U.'s promissory notes and other negotiable instruments including carry out of the business of bill finance, discounting bills exchange. Th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y the Hon'ble Supreme Court in the case of B.N. Bhattachargee and Anr. (118 ITR 461) (at pages 477/478) that appeal does not mean only filing of memo of appeal but also pursuing it effectively. In cases where the assessee does not want to pursue the appeal, Court/Tribunal have inherent power to dismiss the appeal for nonprosecution as held by the Hon'ble Bombay High Court in the case of M/s. Chemipol vs. Union of India in Excise Appeal No. 62 of 2009. We are convinced that the assessee is not interested in prosecuting the appeal. We, therefore, dismiss the appeal of the assessee as unadmitted. ITA No. 5210/Mum/2001 (Revenue's appeal) 7. The sole ground taken by the Revenue reads as under:- "On the facts and in the circumstances of the ca ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ASHISH ENGG. WORKS (Sold to Prakash) PRAKASH INDUSTRIES LTD. Dust collector system 13-2- 1995/5 yrs 10805850 5402925 62640625 9. On appeal, the ld. CIT(A) while holding that the lessees are genuine and bonafide and not finance transaction as held by the A.O., however, restricted the disallowance of depreciation to Rs. 69,63,000/- being the excess depreciation on account of over valuation of the equipment. 10. At the time of hearing the ld. D.R. while relying on the order of the A.O. submits that now the issue stands covered in favour of the Revenue by the order of the Special Bench of the tribunal in the case of IndusInd Bank Ltd. vs. Addl. CIT (2012) 135 ITD 165 (Mum)[SB]. The reliance was also placed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n fact, no genuine leasing of boiler, neither operating nor finance. In that view of the matter also no depreciation is admissible to the assessee-lessor". 12. In the absence of any distinguishing feature brought on record, we in the interest of justice consider it fair and reasonable that the matter should go back to the file of the A.O. and accordingly we set aside the orders passed by the revenue Authorities on this account and restore the issue to the file of the A.O. to decide the same afresh and according to law including the decisions cited by the ld. D.R. (supra) after providing reasonable opportunity of being heard to the assessee. The ground taken by the Revenue is, therefore, partly allowed for statistical purpose 13. In ..... X X X X Extracts X X X X X X X X Extracts X X X X
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