2010 (2) TMI 25

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....rsus M/s. Dempo Industries Ltd. (Former by known as Universal Beverages Ltd.), Dempo House, Campal, Panaji, Goa. TAX APPEAL NO. 28/2008   The Commissioner of Income Tax, having Office at Aayakar Bhavan, PattoPlaza, Panaji, Goa. Versus M/s. Goa Carbon Ltd., Dempo House, Campal, Panaji, Goa. Mr. S. R. Rivonkar, Advocate for the appellant Mr. Sudin Usgaonkar, Advocate for....

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....pellants Shri Rivonkar submitted that for getting benefit of the provision of Section 32, and its proviso, the assessees ought to use the leased material/articles/tools for the purposes of their business. Therefore, according to the learned Counsel, the assessees were disentitled to claim depreciation. In the submission of the learned Counsel, the assessees did not utilize for themselves the bottl....

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....ngly, except in Tax Appeal No.28/2008, had purchased bottles and crates and leased out to the companies manufacturing cold drinks. In the said process, the assessees had put the purchased material to their use for their business purpose which was for leasing. The learned Counsel further submitted that the Revenue did not challenge the order passed by the Assessing Office and as such, accepted the ....

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....es only after the material leased out, in respect of which depreciation is claimed, is put to use by the assessee for his/its business. 6. In fairness to the parties, we find that an appropriate opportunity must have to be given to the contesting party to address the issue before the Tribunal. Learned Counsel Shri Rivonkar fairly conceded that the issue raised before this Court by the Revenue w....