2012 (12) TMI 75

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.... (Per: HONOURABLE MR.JUSTICE AKIL KURESHI)   1. Revenue is in appeal against the judgment of the Tribunal dated 11.9.2009 raising following questions for our consideration:- "Whether the ITAT was right in law and on facts in the circumstances of the case in reversing the CIT(A)'s order ignoring the fact that the assessee had not used the plant and machinery for its business and the sa....

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....sment originally framed accepted such claim of depreciation for the year under consideration, however, after issuing notice in purported exercise of powers under Section 154 of the Income Tax Act, 1961, withdrew such benefit by an order dated 31.3.1999. 4. The assessee appealed against such order. CIT(Appeals), however, dismissed the appeal by his order dated 29.5.2001. The assessee carried ....

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....tion 32A of the Act. 6. We are, however, of the opinion that the Tribunal examined the material on record and came to the conclusion that in the original assessment order the Assessing Officer had held that the plant and machinery was hired out for a temporary period, which does not amount to transfer. Further the machinery was given on lease basis. On this ground the Assessing Officer in the o....