TMI Blog2018 (4) TMI 804X X X X Extracts X X X X X X X X Extracts X X X X ..... .95 and Veera Enterprises sold the machinery to the assessee on 25.9.95, which in turn is stated to have leased the machinery back to the vendor, SRHSHL. While the sale was effected in favour of Veera Enterprises, the Tribunal noted the sale consideration at ₹ 16,86,904/- including the sales tax. However, when the machinery was sold to the assessee / company, it was for ₹ 73 lakhs. Thus, Tribunal rightly suspected the bonafides of the transaction and remanded the matter back only for a limited purpose. Thus, we find that there is no error in the order passed by the Tribunal. - Decided against the assessee - Tax Case (Appeal) No. 564 of 2008 M.P.Nos.1 and 2 of 2008 - - - Dated:- 3-4-2018 - T. S. Sivagnanam And N. Seshasayee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (1997) 225 ITR 0798 (SC). 5. We have perused the order passed by the Tribunal and in paragraph No.2 of the impugned order, this issue has been dealt with. From the order, we find that the Tribunal has rightly applied the decision of Brooke Bond India Ltd., Vs. Commissioner of Income Tax reported in (1997) 225 ITR 0798 (SC) and held that the expenditure incurred in respect of the issue of share is capital expenditure . 6. The submission of the learned counsel for the appellant/assessee is that there are other expenditures, which ought to have been taken into consideration by the Tribunal. 7. Unfortunately, neither before the Assessing Officer nor before the Commissioner of Income Tax (Appeals) nor before the Tribunal nor before us, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... HL between 22.07.1994 to 22.09.1995 and if such use was made then depreciation can be allowed only on ₹ 16,95,338/-. We are giving this direction because Revenue has not filed any appeal for allowing depreciation on ₹ 16,95,338/-. 10. After elaborately hearing the learned counsel for the appellant/assessee, we find that there is absolutely no material to dislodge the factual findings recorded by the Tribunal, confirming the findings of the CIT (Appeals) as well as the Assessing Officer and the transaction clearly would go to show that there is serious doubts regarding its bonafides. 11. However, the Tribunal has granted a partial relief and remanded the matter back to the Assessing Officer for re-verification to ascerta ..... X X X X Extracts X X X X X X X X Extracts X X X X
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