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TMI Blog2014 (11) TMI 941X X X X Extracts X X X X X X X X Extracts X X X X ..... between the appellant and the seller, so that the same can be said to be contingent contract - No condition is produced on record whether it was a conditional sale or not - The letter written by the assessee to the AO is on record - the contention of Mr. Mehta that it was a conditional sale is misconceived - The finding of Tribunal is not borne out from the facts and is contrary to the law of Contract and the Income-Tax Act relating to depreciation - the delivery is taken prior to 31.10.1994, the appellant-assessee is entitled for 100% depreciation for the relevant year – Decided in favour of assessee. - TAX APPEAL NO. 174 of 2001 - - - Dated:- 17-11-2014 - MR. KS JHAVERI AND MR. K.J.THAKER, JJ. MR SN SOPARKAR, ADVOCATE FOR THE APP ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mand for AY 1992-93 and balance was granted to the assessee. Thereafter, in response to the notice u/s. 143(2) 142(1), necessary details and explanations were called for. After considering the material on record, the assessment order came to be passed. The assessee has challenged the assessment order before the CIT(A) which was partly allowed. Being aggrieved by the said order, the appellant has challenged the said order before the ITAT, Ahmedabad, which was also partly allowed. Being aggrieved by the said order, the appellant has preferred the present Tax Appeal before this Court. 4. Heard the learned advocates appearing for the parties and considered the submissions. Mr. SN Soparkar learned Senior Advocate has contended that the asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ubject thereof may be a condition or a warranty. (2) A condition is a stipulation essential to the main purpose of the contract, the breach of which gives rise to a right to treat the contract as repudiated. (3) A warranty is a stipulation collateral to the main purpose of the contract, the breach of which gives rise to a claim for damages but not to a right to reject the goods and treat the contract as repudiated. (4) Whether a stipulation in a contract of sale is a condition or a warranty depends in each case on the construction of the contract. A stipulation may be a condition, though called a warranty in the contract. 19. Property passes when intended to pass.- (1) Where there is a contract for the sale of specific ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y. We have made the payment in the month of February, 1994. 8. There is nothing on record to show that there was any contract between the appellant and the seller, so that the same can be said to be contingent contract. No condition is produced on record whether it was a conditional sale or not. The letter written by the assessee to the AO is on record. In that view of the matter, the contention of Mr. Mehta that it was a conditional sale is misconceived. The finding of Tribunal is not borne out from the facts and is contrary to the law of Contract and the Income-Tax Act relating to depreciation. In our view, the delivery is taken prior to 31.10.1994, the appellant-assessee is entitled for 100% depreciation for the relevant year. In tha ..... X X X X Extracts X X X X X X X X Extracts X X X X
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