TMI Blog2012 (7) TMI 1008X X X X Extracts X X X X X X X X Extracts X X X X ..... spondent : Sri Ramabhadran, Advocate J U D G M E N T The Respondent is the assessee and had purchased bio gas and furnace. The sale invoice discloses the value of the said equipment at ₹ 50,00,000/- each. The assessee had purchased the said equipment by taking finance from Kotak Mahindra and hire purchase agreement was entered into. 2. The assessee sought for depreciation as pe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... We accordingly, set aside the assessment an d direct the Assessing Officer to examine the issue afresh namely (a) Whether the sale value of the bio gas plants and flameless furnace as per the sole invoice is assessed in the hands of supplier at the same value as has been done in the sale invoice. If it is so assessed, then the department can do the assessment in the hands of the assessee and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... resh by giving the assessee sufficient opportunity of hearing. For statistical purpose the appeal is treated as allowed. 3. It is the contention of the State in appeal that the observations made would make the Assessing Officer to accept the value stated in the sale invoice as binding and that there is no scope for Assessing Authority to find out the actual market value of the equipment. T ..... X X X X Extracts X X X X X X X X Extracts X X X X
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