9911796707
TMI Blog2019 (3) TMI 140X X X X Extracts X X X X X X X X Extracts X X X X ..... the income of the assessee in the present case over a period of two years by ₹ 8.10 Crores. Tribunal observed that it would be of no benefit to the assessee, insofar as when the windmill is sold at any point of time the windmill will be depreciated asset and the income would be taxable as a short term capital gain due to the applicability of Section 50. The Tribunal noted that the existence of the windmill was not disputed by the Revenue and the payment by M/s.Surana Industries Ltd., to the assessee in regard to the quantum and the method of computation of quantum was also not disputed. Further, it analysed every attendant facts and circumstances, and rejected the stand taken by the Assessing Officer that the transaction was a 'sha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ha, learned Senior Standing Counsel for the appellant; and Mr.A.S.Sriraman, learned counsel appearing for the respondent/assessee. 4.The Tribunal, while dismissing the appeal filed by the Revenue and confirming the order passed by the Commissioner of Income Tax (Appeals)-III, Chennai, (for brevity the CIT(A) ) dated 09.08.2010, followed the assessee's own case for the assessment year 2006-07 in I.T.A.No.1368/Mds/2009. 5.Before the Tribunal, the Revenue contended that the said decision of the Tribunal, for the assessment year 2006-2007, has not attained finality, as the Revenue are in the process of filing appeal before this Court under Section 260A of the Act. Nevertheless, the Tribunal held that this Court having not passed any ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... atter was taken up on appeal by the first appellate authority, namely, the CIT(A), the CIT(A) had followed the order passed for the assessment year 2006-07 and allowed the assessee's appeal. The Revenue filed appeal to the Tribunal against the order passed for the assessment year 2006-07. This appeal was dismissed by order dated 23.04.2010. 9.We have perused the said order passed by the Tribunal and we find that the Tribunal has analysed the entire transactions in great depth to confirm the order passed by the CIT(A), had analysed the business prudence and found that no businessman doing finance would lend money to earn such a low interest even assuming that the assessee is able to get the benefit of depreciation at 100% which wou ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
