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TMI Blog2018 (10) TMI 130X X X X Extracts X X X X X X X X Extracts X X X X ..... transactions other than Nath Pulp & Paper Mills Ltd. To put an end to the litigation in this case as the matter is very old and relates to the A.Ys. 1996-97, we sustain the order of the CIT(A) partly as indicated above and the claim of the assessee is directed to be allowed as per the observations of the Ld.CIT(A) without any further verification by the Assessing Officer. - Decided in favour of assessee. X X X X Extracts X X X X X X X X Extracts X X X X ..... as discussed in the Assessment Order which was earlier confirmed by the [4 CIT(A), particularly in view of the categorical findings of facts recorded by the Assessing Officer in the Assessment Order dtd. 21.10.2010, that the Authorized Representative has submitted only the old details again without any fresh supporting or explanations, therefore, the contention or findings of the Assessing Officer that the said transactions are sham or bogus are not disproved by the CIT(A)?" 3. Briefly stated facts are that the assessee before AO and before CIT(A) filed the details of the assets purchased and leased to various parties. He also filed invoices of suppliers for purchase of assets along with confirmation from lessee for not claiming depre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... #39;s income from finance business, The above order was passed as per the directions given by Hon'ble ITAT 'E' Bench vide order ITA no. 2151/MUM/2000 dated 09.01.2004 where the ratio followed in the case of Mid-East Portfolio Management Ltd. Vs. DC1T (87 1TD 537) (Mum)(SB) in the appellant's case or not. The AR of the appellant has given the full details of depreciation and lease rent for the period 01.04.1996 to 31.03.1997 very elaborately. As per the chart given by the appellant, except the first Lessee at Sr. No. 1, i.e. Nath Pulp & Paper Mills Ltd., all the other suppliers were third party only. For Nath Pulp & Paper Mills Ltd., the supplier is Nath Pulp & Papers Ltd. Further the AR of the appellant also relies on the Supr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Though the AR of the appellant vehemently argues that the confirmation from Nath Pulp & Paper Mills Ltd. has not claimed depreciation on the leased assets. I am not convinced by the above information having the supplier and the lessee found to be the same entity, the ratio followed in M/s. Avasarala Technologies Ltd Vs Jt. CIT, Spl. Rg. I, Bangalore is squarely applicable in the appellant's case and therefore, I am of the considered opinion that depreciation claimed with respect to Industrial Pipelines, both supplier as well as the lessee is found to be of Nath Pulp & Paper Mills Ltd. is confirmed and for the rest of depreciation claim over the assets which were purchased from third party by the appellant company and entered into sal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vations of the Ld.CIT(A) are reversed and we confirm the order of the Ld. CIT(A) in holding that assessee is eligible to claim depreciation from sale and lease back assets in respect of the transactions other than Nath Pulp & Paper Mills Ltd. To put an end to the litigation in this case as the matter is very old and relates to the A.Ys. 1996-97, we sustain the order of the Ld. CIT(A) partly as indicated above and the claim of the assessee is directed to be allowed as per the observations of the Ld.CIT(A) without any further verification by the Assessing Officer." 5. From the above, it is clear that the issue is clearly covered and respectfully following the Tribunal's decision in assessee's own case, we confirm the order of CIT(A) and di ..... X X X X Extracts X X X X X X X X Extracts X X X X
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