TMI Blog1997 (9) TMI 623X X X X Extracts X X X X X X X X Extracts X X X X ..... tance of the Revenue for calling statement of case from the Tribunal on the following questions of law : 1. Whether, on the facts and in the circumstances of the case, the Tribunal was justified in law in upholding that the principles enunciated by the Hon'ble Supreme Court in the case of McDowell Co. Ltd. vs. CTO (1985) 47 CTR (SC) 126: (1984) 154 ITR 148(SC), in respect of tax avoidan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d by them from their own sister-concern, i.e., MP Oil Extractions Ltd. for ₹ 14,75,000. It was stated that after purchase of this boiler, the assessee again leased it out to the same sister-concern, i.e., MP Oil Extractions Ltd. on annual rent of ₹ 3,00,000. The AO disallowed the claim in respect of depreciation of the said boiler. 3. Aggrieved by the order of the AO, the matter was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e record. It is not disputed that the boiler was leased out to the earlier seller. It is also not disputed that the assessee was carrying on leasing business for the last several years. Therefore, after examining these questions of fact, the Tribunal affirmed the finding of the CIT(A) and pointed out that the decision of their Lordships of the Supreme Court in case of McDowell Co. Ltd. vs. CTO ( ..... X X X X Extracts X X X X X X X X Extracts X X X X
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