TMI Blog2012 (3) TMI 540X X X X Extracts X X X X X X X X Extracts X X X X ..... t. Year 2003-04 dated 04.02.2011 in respect of following Ground No.2 of the above Revenue's appeal. (2) The Id. CIT(A) erred on facts and in law in allowing deduction u/s.lOB observing that the assessee had purchased the machineries, completely disregarding the fact that the assessee had employed used machinery value of which exceeded 20% of the total value of the machinery employed by the assessee. Apparent Error No.l: In para 8 of the order, the following is recorded: The Id. DR submitted that the decision in the case of Sakhi Rajimondi Valves (India) Ltd, is not final. The matter is pending before the Tribunal. This statement was not correct when made; because the Tribunal had disposed off appeal in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... respectively. Further Apparent Errors; 3. Thereafter, the Tribunal in para 10 stated as follows: 10. We have considered the rival submissions and carefully perused the material on record. In our considered view, the finding of the Higher Court in the case of Sakhi Raimondi Valves (India) Ltd. will have serious repercussion on the finding in the case of this assesses for concluding that assessee has made outright purchase or it was merely a lease transaction for a limited period. Further the lease agreement between the assessee and Sakhi Raimondi Valves (India) Ltd. has not been considered so as to find out whether such lease arrangement was equivalent to sale and purchase. If for the remaining life of plant and machinery ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tra Cement and Chemical Industries Ltd. as also the Ahmedabad Tribunal's decision in Gateway Technolabs Pvt. Ltd. vs. I.T.O. (supra), the entire sending back of the matter to the Assessing Officer is an apparent error. It is worth noting that the C.I.T.(Appeals) in appeal of Sakhi Raimondi Valves (India) Ltd. decided that it is not a case of sale of machinery and as is evident from the grounds of appeal of Department in the matter of Sakhi Raimondi Valves (India) Ltd. for Asst. Year 2003-04 at Exhibit-A hereto, the Department accepted this finding and had not preferred an appeal to the Tribunal because the Department's only grounds of appeal before the Tribunal as recorded in the order were, n 1. On the facts and in the circ ..... X X X X Extracts X X X X X X X X Extracts X X X X
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