1997 (9) TMI 623

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....der s. 256(2) of the IT Act, 1961, at the instance of the Revenue for calling statement of case from the Tribunal on the following questions of law : "1. Whether, on the facts and in the circumstances of the case, the Tribunal was justified in law in upholding that the principles enunciated by the Hon'ble Supreme Court in the case of McDowell & Co. Ltd. vs. CTO (1985) 47 CTR (SC) 126: (....

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.... i.e., ₹ 14,75,000 on one boiler purchased by them from their own sister-concern, i.e., MP Oil Extractions Ltd. for ₹ 14,75,000. It was stated that after purchase of this boiler, the assessee again leased it out to the same sister-concern, i.e., MP Oil Extractions Ltd. on annual rent of ₹ 3,00,000. The AO disallowed the claim in respect of depreciation of the said boiler. 3. Agg....

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....nd change of name of the owner in the office record. It is not disputed that the boiler was leased out to the earlier seller. It is also not disputed that the assessee was carrying on leasing business for the last several years. Therefore, after examining these questions of fact, the Tribunal affirmed the finding of the CIT(A) and pointed out that the decision of their Lordships of the Supreme Cou....