2008 (1) TMI 392

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....j and M/s. Holla and Holla, Patil and Netra for the respondent. JUDGMENT The judgment of the court was delivered by DEEPAK VERMA J. - This appeal under section 260A of the Income-tax Act, 1961 (hereinafter shall be referred to as "the Act"), is at the instance of the Revenue against the order passed by the Income-tax Appellate Tribunal, Bangalore Bench. 2. The short facts of the case a....

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....nto a lease agreement on September 11, 1995, with M/s. Morgan Industries Ltd. to lease mechanical reactors to be erected at the lessee's factory premises at Cuddalore. The period of lease was said to be five years. The price of the equipment so leased out to the assessee was Rs. 201.25 lakhs and the lessee was to deposit Rs. 175 lakhs as security deposit. The said machinery was in fact to be suppl....

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.... 5. The Revenue had written a letter to the assessee with regard to the fact that the statement of certain witnesses has been recorded to which the reply was sent by the assessee. In reply a specific request was made by the assessee to grant an opportunity to cross-examine the witnesses whose statements were supplied to them on earlier date. The records show, that the said witnesses were not act....