Court held that there is absolutely no reason to dislodge the factual findings of Tribunal as there are serious doubts on the bonafides of the transaction ie the dates and events were not clear and user of machinery between 22-7-1994 and 22-9-1995 had not been verified by AO, and hence matter rightly remanded by Tribunal to the file of AO to ascertain complete facts of the case. (ITA. No 564 of 2008 and M.P. Nos 1 & 2 of 2008 dt. 03-04-2018) (AY. 1996-1997)
Sterling Holiday Financial Services Ltd .v. ACIT (2018) 255 Taxman 184 (Mad)(HC).
S. 32 : Depreciation – Tribunal’s observation that transaction lacks bonafides – No material to dislodge factual findings recorded by Tribunal – Matter remanded to AO by Tribunal justified .