2014 (7) TMI 692

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....Standing Counsel ORDER (Delivered by R. Sudhakar, J.) The appeal has been filed by the Revenue challenging the order of the Income Tax Appellate Tribunal Chennai 'A' Bench, dated 30.9.2013 made in ITA No.1965/Mds/2012 for the assessment year 1996-1997, by raising the following substantial questions of law: "1. Whether on the facts and circumstances of the case the Tribunal was ....

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....on, sales tax was levied and collected from the assessee and paid out to the Government. On the leased out machinery, the assessee received rental income and it was disclosed in the returns as business income of the assessee. The Assessing Officer has also accepted the lease amount as business income of the assessee.  The assessee in this case claimed depreciation on the machinery so leased o....

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.... the words not for sale used in the central excise document was more to indicate that the machinery was not for sale to any third party, that is to say that it is not transferable to any other person than the manufacturer, who had sold it to the assessee and retained the machinery inside the premises under the terms of the lease agreement. It was also held that once it is admitted by the Assessi....

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....the Commissioner of Income Tax (Appeals) and the Tribunal were guided by a decision of this Court in Commissioner of Income-tax v. High Energy Batteries (India) Ltd., (2012) 348 ITR 574 (Mad.). 5. We have heard the learned Standing Counsel appearing for the appellant and perused the order of the Tribunal. 6. The facts narrated above are not disputed by the learned Standing Counsel for the ap....