https://www.taxtmi.com/caselaws?id=219825 The Court allowed the Appeal, setting aside the orders of the lower authorities and ruling in favor of the appellant/assessee. The Court found that the transaction was a lease agreement, not hire purchase, as claimed by the Assessing Officer. The machinery was used for business purposes, and there was no suspicion regarding the genuineness of the transaction. Relying on a relevant Supreme Court decision, the Court held in favor of the appellant, setting aside the orders of the Commissioner of Income Tax (Appeals) and the Income Tax Appellate Tribunal. en-us Fri, 14 Sep 2012 00:00:00 +0530 Fri, 28 Dec 2012 06:37:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=219825 The Court allowed the Appeal, setting aside the orders of the lower authorities and ruling in favor of the appellant/assessee. The Court found that the transaction was a lease agreement, not hire purchase, as claimed by the Assessing Officer. The machinery was used for business purposes, and there was no suspicion regarding the genuineness of the transaction. Relying on a relevant Supreme Court decision, the Court held in favor of the appellant, setting aside the orders of the Commissioner of Income Tax (Appeals) and the Income Tax Appellate Tribunal. Case-Laws Income Tax Fri, 14 Sep 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=219825