(1.) The assessee is on appeal as against the order of the Tribunal. The assessment year under consideration is 1996, 97. Following are the questions of law raised for consideration in the above Tax Case (Appeal):-
(2.) The assessee herein is a company engaged in leasing and financing. A reading of the order of the authorities below shows that there were two types of transactions; one is relating to sale and lease back transaction and other one is relating to lease transactions. As far as the sale and lease back transactions and direct lease are concerned, following are the details as found in the order of assessment as well as in the lower court authorities order.:-
(3.) The lease transactions were entered into by the assessee with the lessees in respect of the machineries supplied by the third parties. The details of which are as follows:- <FRM>JUDGEMENT_440_LAWS(MAD)9_2012_1.html</FRM>