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TELETUBE ELECTRONICS LTD. vs. CIT - Section 2, 45, 50, 230A

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4 years 11 months ago - 4 years 6 months ago #478 by Anil
TELETUBE ELECTRONICS LTD. vs. Commissioner of Income Tax
High Court of Delhi
DR. JUSTICE S. MURALIDHAR & MR. JUSTICE VIBHU BAKHRU
ITA 38/2002 & 132/2002
Sep 24,2015
915Taxpundit 61
Section 2, 45, 50, 230A
Asst. Year 1984-85
Assessee
Dr. S. Muralidhar, J.

1. These are two appeals under Section 260A of the Income Tax Act, 1961 („Act‟) by the Assessee and the Revenue against the impugned common order dated 28th September 2001 passed by the Income Tax Appellate Tribunal („ITAT‟) in ITA No. 892/Del/99 for Assessment Year 1994-95. Questions of law 2. On 25th November 2002 while admitting the appeals, the following questions of law were framed for consideration: “(1) Whether on the facts and circumstances of the case, the Tribunal was right in law in holding that lease for a period of ten years of plant and machinery along with land and building was a capital asset within the meaning of section 2 (14) of the Act? (2) Whether on the facts and circumstances of the case and in law, the Tribunal was right in holding that lease of facilities i.e. plant and machinery along with and building amounted to transfer within the meaning of Section 2(47) of the Act? (3)Whether on the facts and circumstances of the case and in law, the Tribunal was right in holding that transaction of lease of facilities was a case of sale of leasehold rights? (4) Whether in the facts and circumstances of the case the ITAT erred in holding that the transaction tantamounts to transaction of lease of land, building thereon and lease of plant and machinery and not the sale of plant and machinery itself?...........

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Last edit: 4 years 6 months ago by deepak.

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