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<h1>High Court Affirms Tribunal Decision on Tax Appeal, No Legal Question Found</h1> <h3>DY. CIT, CO. CIRCLE-1(2), BARODA Versus TRUST ENTERPRISES PVT LTD</h3> DY. CIT, CO. CIRCLE-1(2), BARODA Versus TRUST ENTERPRISES PVT LTD - TMI Issues:1. Appeal against Tribunal's judgment on depreciation under Section 32A of the Income Tax Act.2. Validity of Assessing Officer's withdrawal of depreciation benefit under Section 154.3. Tribunal's decision on the debatable issue of machinery transfer and leasing.Analysis:1. The first issue in this case revolves around the appeal filed by the Revenue against the Tribunal's decision regarding the depreciation claimed by the assessee under Section 32A of the Income Tax Act. The Tribunal allowed the appeal on the grounds that the issue was debatable and could not be rectified under Section 154 of the Act. The Tribunal also noted that the machinery in question was transferred by way of leasing within 8 years after installation, a transaction not conducted in the relevant assessment year.2. The second issue concerns the validity of the Assessing Officer's withdrawal of the depreciation benefit initially granted to the assessee under Section 32A. The Assessing Officer, through a notice under Section 154, revoked the depreciation benefit that had been accepted in the original assessment for the year 1995-96. The CIT(A) dismissed the appeal against this decision, leading to the matter being brought before the Tribunal.3. The final issue pertains to the Tribunal's analysis of the machinery transfer and leasing arrangement. The Revenue argued that the assessee had transferred the plant and machinery within 4 years of installation, thereby disqualifying them from claiming continued deduction under Section 32A. However, the Tribunal found that the original assessment order acknowledged the machinery being hired out temporarily, not constituting a transfer. Moreover, the machinery was leased out, leading the Assessing Officer to accept the investment allowance claim initially. The Tribunal concluded that this issue was debatable and could not be altered under Section 154 of the Act, ultimately dismissing the Tax Appeal.In conclusion, the High Court upheld the Tribunal's decision, emphasizing the debatable nature of the issue and the Assessing Officer's initial acceptance of the investment allowance claim. The Court found no legal question warranting intervention and dismissed the Tax Appeal.