9911796707
TMI Blog2016 (1) TMI 402X X X X Extracts X X X X X X X X Extracts X X X X ..... et. It is for the assessee to bring into existence the asset, namely, boiler and windmill. The material available on record clearly shows that even though the components and accessories of boiler and windmill were delivered in the month of August, 1996, the assembling and installation were completed in the months of January, 1997 and March, 1997 respectively. Therefore, the boiler could have been delivered to the lessee only in the month of January, 1997 and the windmill in the month of March, 1997. In other words, unless various components and accessories of the boiler and windmill are assembled and constituted to fullfledged boiler and windmill, this Tribunal is of the considered opinion that there cannot be any delivery of the asset, nam ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rst round of litigation, the Ld. representative submitted that this Tribunal remitted the matter back to the file of the Assessing Officer to find out the date on which the asset was delivered to the lessee and thereafter determine the depreciation allowable to the assessee. Inspite of this direction of the Tribunal, the Assessing Officer as well as the CIT(Appeals) proceeded on the presumption that the asset was not put to use. According to the Ld. representative, the assessee is engaged itself in the business of leasing of asset, therefore, the moment it hands over to the lessee, it would amount to put to use of the asset for the purpose of assessee's business. According to the Ld. representative, it is immaterial whether the lessee h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... constitute boiler and windmill, it cannot be construed as boiler and windmill at all. Therefore, mere delivery of various components of boiler and windmill cannot be construed as delivery of the asset. Since the assessee claims that what was leased out is boiler and windmill, the assessee has to necessarily prove before the authorities below that various components, which constitute boiler and windmill, were purchased and assembled before the same was delivered to the lessee. These aspects were not established by the assessee before this Tribunal even though there was a specific direction by this Tribunal to find out the date of delivery. Therefore, the authorities below found out that the assessee is entitled for depreciation at the rate o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of boilers was completed in the premises on 09.10.1996. The Assessing Officer also found that the components and accessories of the boiler were delivered in the premises on 21.03.1997. In respect of the windmill, the authorities below found that even though various components and accessories were delivered on 28.08.1996, the assembling of the components completed only on 31.01.1997 and thereafter the windmill was delivered to the assessee and it was started commissioning. 6. It is not in dispute that in the case of leasing business, the moment the asset was delivered to the lessee, it has to be construed that the asset was put to use by the lessor. In the case before us, it is not in dispute that the boiler and windmill are not available ..... X X X X Extracts X X X X X X X X Extracts X X X X
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