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TMI Blog2023 (8) TMI 1474X X X X Extracts X X X X X X X X Extracts X X X X ..... d transferred possession and effective control of the wagons to the Indian Railways under the terms of the Agreement? - HELD THAT:- There is no manner of doubt that in terms of Clause 4.1 of the Agreement, the right of possession and effective control of the wagons had been transferred by the appellant to the Railways as the wagons provided by the appellant merged and operated under the general po ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pires from the records that a Scheme called Wagons Investment Scheme was floated by the Indian Railways. The appellant provided the wagons to the Railways, for which an Agreement dated 09.03.2006 was executed between the Railways and the appellant. The pattern of movement contained in Clause 4.1 of the Agreement provides that wagons provided by the appellant under scheme will merge and operate und ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to the Indian Railways was not borne out from the Agreement executed between the appellant and the Indian Railways. 4. Shri Bipin Garg, learned counsel for the appellant assisted by Ms. Kainaat submitted that this finding of the Commissioner is perverse as Clause 4.1 of the Agreement clearly indicates that the right of possession and effective control was transferred to the Railways. In support of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the right of possession and effective control of the wagons had been transferred by the appellant to the Railways as the wagons provided by the appellant merged and operated under the general pool of wagons of the Indian Railways. This fact also finds support from the Certificate dated 25.03.2015 issued by the Indian Railways. 8. Such being the position, the Commissioner was not justified in reco ..... X X X X Extracts X X X X X X X X Extracts X X X X
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