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2011 (4) TMI 108 - HC - Income TaxDisallowance - Lease rentals on the computers and accessories - sale and lease back - AO disallowed claim of lease rental - Held that: it is to be seen that when the assessee company has the capacity to purchase the assets of its own, why it has chosen to sell the same to another company without any profit i.e., for the purchase money and chose to enter lease agreement - his aspect of the case can also be viewed from another angle. - As per Section 54 of the Transfer of Property Act, "Sale" is a transfer of ownership in exchange for a price paid or promised or part-paid and part-promised - Admittedly, in the present case, the ingredients spelled out in the aforesaid Section are not found - Accordingly there is no evidence for sale that there is transfer of property in goods - Hence decided against the assessee and in favor of revenue by reversing order of CIT(A) and ITAT.
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