TMI Blog2003 (4) TMI 80X X X X Extracts X X X X X X X X Extracts X X X X ..... ed counsel for the appellant urged that the Tribunal omitted to consider the facts. - Tribunal has held the cylinders were not purchased for leasing business and one of the parties to whom the cylinders were leased out is the manufacturer and seller of the cylinders. To the other party cylinders were dispatched only a day before the close of the accounting period. The findings in the order of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessee placed on record, besides other things, the following facts: (a) the cylinders in question had been purchased for use in the manufacture of oxygen gas, a step that had been taken by the assessee-company in the direction of diversification of its existing business activities. (b) As the plant for manufacturing of oxygen gas could not come up, the cylinders (so purchased by the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hased by it had duly been dispatched to the two parties on September 29, 1985, i.e., before the close of the relevant accounting year; (c) letting out of the cylinder in this case was a part of the overall business of the assessee, and for the reason that the cylinders had duly been dispatched to the hirers, it should be held that the same had been put to use by the lessor for business of hiring ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee's business was not letting gas cylinders on hire. It was contended that the assessee had leased out these cylinders to the seller himself in a planned way only so claim 100 per cent. depreciation. The Tribunal has held in the impugned order that the assessee has failed to establish hiring business, and the Commissioner of Income-tax (Appeals) had allowed the claim of the assessee w ..... X X X X Extracts X X X X X X X X Extracts X X X X
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