- (1.) Heard finally.
(2.) This Court, vide order dated 29th July, 2003 admitted this appeal on the following substantial questions of law:- "1. Whether the learned Income Tax Appellate Tribunal, was right in law in allowing depreciation to the assessee in respect of the vehicles which were registered in the names of the purchasers and financed by the assessee under a hire purchase agreement?. 2.Whether on the facts and circumstances of the case the learned Income Tax Appellate Tribunal, was right in arriving at the conclusion that the assessee company was entitled to claim depreciation at the rate of 40%?"
(3.) Learned counsel for respondent/assessee raised an objection that appeal was admitted ex-parte, without hearing him and in view of sub-section (4) of Section 260A of the Income Tax Act, 1961, he has a right to submit that none of the questions, mentioned above, is involved in the present appeal. He submitted that present appeal was relating to lessor and lessee. The respondent-assessee was lessor and he claimed depreciation under Section 32(1) of the Income Tax Act (for short, "Act"), which was declined by Assessing Officer. Thereafter, an appeal was preferred before Commissioner of Income Tax (Appeals). The finding of the Assessing Officer was affirmed by Commissioner of Income Tax (Appeals), therefore, assessee preferred appeal before Income Tax Appellate Tribunal, Jaipur Bench, Jaipur. The Tribunal vide impugned order, allowed the appeal of the assessee. Hence, Revenue has preferred this Appeal.;