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2003 (12) TMI 48 - GAUHATI HIGH COURT
Rent paid in respect of lease of plant and machinery – claim for deduction - first appellate authority and the Tribunal have held that the transactions were genuine and validly entered into and that the assets were sold and leased back purely on business considerations and there is no question of any colourable device - it is apparent that the assessees entered into transactions with the parties to sell and lease back the assets, on the sale price which was determined by an independent valuer - this has been done to minimise the tax liability, which is permissible under the law – thus, the assessee was entitled to deduction of rent paid in respect of lease of plant and machinery