9911796707
TMI Blog2016 (9) TMI 1277X X X X Extracts X X X X X X X X Extracts X X X X ..... gned order of the Tribunal restored the issue to the Assessing Officer to decide the nature of transactions on examination of the sale and lease agreement entered into by the Respondent-Assessee with its lessees. This remand was with a specific direction that the Assessing Officer would examine the sale and lease back transactions entered into by the Respondent-Assessee with the three parties and decide the issue afresh, keeping in view the decision of the Delhi High Court in CIT v/s. Cosmo Films Ltd. [2011 (7) TMI 32 - DELHI HIGH COURT] - Decided against revenue X X X X Extracts X X X X X X X X Extracts X X X X ..... the security of the leased equipments, whereas in the present case, some of the assets were retained in the name of lessor for securing the financed amount ?" (c) Mr. Kotangle, learned Counsel for the Appellant very fairly states that both these questions were the subject matter for consideration by this Court in Revenue's Income Tax Appeal No.498 of 2014, filed against another impugned order dated 22 May 2013 in so far as it related to the Assessment Year 1997-98. The issues arising herein in the aforesaid two questions are identical to those raised by the Revenue in its Income Tax Appeal No.498 of 2014. This Court by order dated 8 August 2016, refused to entertain the Revenue's Appeal on the aforesaid two questions raised in In ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o the extent it related to the Assessment Year 1997-98. (d) The impugned order of the Tribunal has restored the entire issue of sale and lease back transactions to the Assessing Officer to determine the character of transactions by following its order dated 22nd May 2013 passed under the Act by the Tribunal for the Assessment Year 1998-99. The appeal of the Revenue from the order dated 22 May 2013 of the Tribunal being the Income Tax Appeal No.282 of 2014 has been dismissed herein above. (e) In view of the above, it is an agreed position between the parties that the question as framed herein above does not give rise to any substantial question of law. Thus not entertained. 4. Accordingly, both appeals are dismissed. No order as to cost ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
