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2003 (9) TMI 36 - KARNATAKA HIGH COURT
Colorable transaction - avoidance of payment of tax – Transaction between the appellant and the APSEB - Claim of Depreciation - ownership - While the APSEB was interested in securing financial assistance by way of loan and for the said purpose the machinery/equipment was offered as a security by creating the documents in question to assure repayment of the loan advanced, the appellant found it convenient to enter into such a transaction as a device adopted to avoid payment of tax – Thus held that it was a sham transaction