Mahavir Singh, J.M. - (1.) THIS appeal of the assessee is emanating out of the order of the CIT(A)-II, Chennai, dt. 28th June, 2000, for the asst. yr. 1995-96. The assessee has raised eight grounds of appeal and four additional grounds of appeal. In all these grounds, the assessee has raised issues in the nature of disallowance of depreciation in respect of assets given on sale and lease back, disallowance of depreciation in respect of assets given on lease and disallowance of depreciation on assets mortgaged. In this way, the assessee has raised the issues three in nature and the issues are as under : I. Sale and lease back transactions : (1) M/s Khoday India Ltd. (2) M/s Mohan Breweries & Distilleries Ltd. II Straight lease transactions : (1) M/s Kedia Distilleries Ltd. (2) M/s Mahalakshmi Sugar Mills Company Ltd. (3) M/s Prakash Industries (4) M/s Carews Pharmaceuticals Ltd. (5) M/s Seethapur Plywoods Industries (6) M/s Patheja Forgings & Auto Parts Ltd. III. Mortgage transactions: (1) M/s Marvel Sales & Services Ltd.
(2.) The learned counsel for the assessee has relied on the following case laws, commentaries and Acts : 1. The extracts of Law of Practice of Income-tax, Vol.-I, Ninth Edn. of Kanga, Palkhivala and Vyas. 2. The extracts of Indian Contract & Specific Relief Acts of Pollock & Mulla, Twelfth Edn., Vol. II. Rukmanand Bairsoliya v. State of Bihar AIR 1971 SC 746
(3.) MYSORE Minerals Ltd. v. CIT (1999) 239 ITR 775 (SC);