TaxTMI 
TaxTMI 
2019 (4) TMI 60
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....: The question which has arisen in this appeal is a simple point. It has been made complicated by conflicting interpretations of the subject agreement. The appellant wants to avail of the benefit of depreciation on the plant and machinery etc. purchased by it from its vendor by the agreement dated 21st March, 1994. Clause 5, 6, 7 and 9 of the said agreement are very important. They are set out he....
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....0 crores is due and payable on account of outstanding dues towards workers wages, salaries, gratuity, bonus and STL upto 15th March, 1994. The Purchaser shall be entitled to take inspection of the Books of Accounts of the said Company for the purpose of verification of such statements made by the Vendor. 9. Out of the balance consideration sum of Rs. 3,90,00,000/- the purchaser shall retain the ....
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....rores. Out of that, Rs. 20 lacs were paid as advance. Rs. 3.90 crores were payable as the balance consideration. This 3.90 crores would be utilized by the purchaser, at the request of the vendor, "for the purpose of payment of outstanding wages and other dues of the workmen of the said jute mill as quantified in Clause 7 hereinabove". The case of the revenue is that no depreciation can be claimed....
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....on that account was not allowed. Now, learned Counsel appearing on behalf of the revenue very strongly contends that the Court should follow the Supreme Court decision and dismiss the appeal. We are of the opinion that the facts of this case have not been properly determined by the adjudicating authority below, on the basis of the said agreement by which the undertaking plant, machinery etc. wer....