TMI Blog2012 (12) TMI 75X X X X Extracts X X X X X X X X Extracts X X X X ..... unt to transfer. Further the machinery was given on lease basis - On this ground the Assessing Officer in the original order had accepted the assessee's claim for investment allowance under Section 32A of the Act - such issue being debatable, the order could not have been varied in exercise of powers under Section 154 of the Act read with Section 155(4A) of the Act – in favor of assessee - TAX A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ction 154 r.w.s. 155(7) of the Act though the plant and machinery on which investment allowance was allowed was transferred by way of leasing within a period of 8 years after the year of installment of the same? 2. Issue pertains to the depreciation under Section 32A of the Act claimed by the assessee and which was initially granted by the Assessing Officer. 3. The assessee claimed investme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t and the order therefore could not have been rectified under Section 154 of the Act. The Tribunal also was of the opinion that CIT(Appeals) had categorically found that the machinery was transferred by way of leasing within the period of 8 years after installation. Such transaction had not been entered into in the year under consideration. 5. Counsel for the Revenue vehemently contended that th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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