TMI Blog2007 (10) TMI 276X X X X Extracts X X X X X X X X Extracts X X X X ..... der of the Income Tax Appellate Tribunal Madras 'A' Bench dated 23.11.2006 made in I.T.A.No.1227/Mds/2005 for the assessment year 1996-97. 2. The assessee is a company engaged in the business of leasing and finance. For the assessment year 1996-97, the assessing officer, while making the original assessment, has called for the basic details regarding two purchasers. After receipt and taking into consideration of the details furnished by the assessee, the Assessing Officer came to the conclusion that the purchase of two items and leasing them to related parties do not fall under the category of sale and lease back transaction and therefore, the Assessing Officer has not made any further investigation. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essive loss or depreciation allowance and in that circumstance, Section 147 would apply. 4. We heard the argument of the learned counsel for the revenue and perused the materials on record. 5. In the original assessment order passed by the Assessing Officer, it was held that the assessee was asked, vide questionnaire dated 31.8.1998 to give invoices for assets on which depreciation was claimed during the year (100% rate and 40% rate) along with list of lease transactions. The assessee submitted that information on 4.12.1998. In order to verify the genuineness of these transactions, a notice under section 133(6) calling for certain information was issued to all the lessees and suppliers involved in the lease transactions. Further, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e original assessment order has called for all the details regarding the case where 100% depreciation were claimed and the assessee had furnished the invoices for purchase of assets on which 100 % depreciation were claimed, there was no failure on the part of the assessee and if at all there was any failure, according to the Commissioner of Income-tax (Appeals), it was on the part of the Assessing Officer, who made the original assessment without going behind the nature of the transactions accepting the details furnished by the assessee. The Tribunal also extracted that portion of the order and found on fact that there was no fault on the part of the assessee so as to enable the Department to reopen the assessment as the proviso to section ..... X X X X Extracts X X X X X X X X Extracts X X X X
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