TaxTMI 
TaxTMI 
2020 (11) TMI 380
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....ubject matter of the appeal pertains to the Assessment year 1999- 2000. The appeal was admitted by a bench of this Court vide order dated 11.10.2017 on the following substantial question of law: Whether the Tribunal was correct in holding that denial of opportunity of cross- examination results in violation of natural justice, despite efforts made by the assessing officer to trace the assessee? The object of cross examination is to test the veracity of version given in examination-in-chief? In the instance case, when it is proved with fair market amount certainty that leased equipment did not exit, whether allowing cross- examination would have made any difference? 2. Facts leading to filing of this appeal briefly stated are that the ass....
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....n order dated 15.12.2009 once again disallowed the depreciation claimed by the assessee in respect of assets leased to M/s Rajender Steels Ltd., M/s Kedia Mills and Distilleries Ltd. And M/s Kedia Castle Dellon Industries Ltd. The assessee thereupon filed appeal before the Commissioner of Income Tax (Appeals) who by an order dated 02.06.2011 inter alia held that the assessee had discharged the onus to prove the genuineness of transaction by furnishing necessary documents viz., copies of sanction letter, lease agreements, invoices, inspection records on various dates and inspection reports pertaining to pre search and post search period in support of its claim and the Assessing Officer did not rebut the corroborative evidence filed by the as....
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.... considered the submissions made by learned counsel for the parties and have perused the record. The issue whether or not the assets leased out by the assessee to various companies were in existence at the relevant time and whether the transactions in question were genuine or not is a pure question of fact. The Commissioner of Income Tax (Appeals) on the basis of meticulous appreciation of evidence on record has held that the assessee has produced sanction letters, master / supplemental lease agreements, purchase invoices, installation certificates and inspection reports, a joint inspection conducted by the bank officials, independent valuation report in respect of assets leased out to the companies as well as inspection reports pertaining ....