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TMI Blog2018 (6) TMI 882X X X X Extracts X X X X X X X X Extracts X X X X ..... well as on facts on the deleting disallowance / additions of Rs. 39,94,137/- pertaining to higher depreciation rate claimed on transmit complete mixer and loaders and also granting relief of Rs. 4,73,249/- regarding lower loader machine; respectively. We notice that CIT(A) discuss in on this issue reads as under:- "6. Ground 2 is against not granting depreciation at higher rates for Concrete Mixers and Payloaders, vibrator soil compactor etc. is settled in the cases reported in Vikram Ispat vs. State of Maharastra AIR 2003 Bombay 498 P 501, Gujco Carriers vs. C.I.T. 256 ITR 50 (Guj) and decision of ITAT, C Bench Kolkata in ITA No.1336 (Kol)/2008 in the case of AIT, Circle-3, Asansol vs. M/s Asoka Transport, Kolkata dt. 02.03.2009 by whic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rected to grant the same and rework WDV. Ground 2 is allowed." 3. Heard Learned DR strongly reiterated Revenue's stand that the Assessing Officer had rightly deleted assessee's higher depreciation claimed on both mixer as well as loader machine(s) in question. We find no substance in its instant plea as it has already come on record that lower appellate finding(s) have duly considered the types of plant and machinery / vehicles in light of the relevant case law deciding the very issue in assessee's favour. There is no distinction on facts or law being pointed out in Revenue's pleadings. We therefore adopt Revenue's instant this substantive ground. 4. This leaves us with Revenue's latter substantive ground regarding disallowance of intere ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... it is apparent that the lessor has agreed to a permanent beneficial enjoyment of the asset by the lessee, the lessee may be treated as a hire-purchase transaction. 12. The features of Hire purchase are as given overleaf: 1. The person who has hire the goods will give regular installment or rent to the owner of the good which will include some portion of principal amount and some portion of interest as agreed by both the parties. 2. The ownership of good passes only when the person has paid the last installment of the goods which he or she has hired. 3. Under hire purchase system the buyer can return the goods to the seller if he or she does not want to continue with the agreement. 4. In case of hire purchase the person who h ..... X X X X Extracts X X X X X X X X Extracts X X X X
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