THE HON’BLE SRI JUSTICE V.V.S.RAO AND THE HON'BLE SRI JUSTICE RAMESH RANGANATHAN ITTA No.159 of 2010 Dated:26.07.2010 Between: Chenai Financeco Ltd. …Appellant and Income Tax Officer, Ward 6(3), Hyderabad. …Respondent THE HON’BLE SRI JUSTICE V.V.S.RAO AND THE HON'BLE SRI JUSTICE RAMESH RANGANATHAN ITTA No.159 of 2010 JUDGMENT: (per Hon’ble Sri Justice V.V.S.Rao) The appellant filed appeal before the Income Tax Appellate Tribunal, being ITA No.38/Hyd/1999 in respect of assessment year 1995-1996 aggrieved by the disallowance of certain amounts towards depreciation of machinery allegedly supplied by the appellant to M/s.VST Industries Limited . The learned Tribunal by order dated 08.11.2007 partly allowed the appeal but declined to set aside the disallowance on the holding that the transaction is a financial transaction, and not a lease transaction. It appears, aggrieved thereby, the appellant already filed ITTA No.178 of 2008 which is pending on the file of this Court. In the meanwhile, the appellant also moved miscellaneous application, being MA.No.102/Hyd/2008, before the learned Tribunal under Section 254(2) of the Income Tax Act, 1961, seeking rectification of the earlier order of the Tribunal. The same having been dismissed as not maintainable, the instant appeal is filed under Section 260A of the Income Tax Act. We have heard the Counsel for the appellant. We do not find any question of law, much less, substantial question of law, to entertain the appeal. Further, aggrieved by the original order dated 08.11.2007 in ITA No.38/Hyd/1999, the appellant has already preferred appeal and it can raise all questions in the said appeal. We give liberty to the appellant to do so. Without expressing any opinion on the merits of the case, we are in full agreement with the view taken by the learned Tribunal that the earlier order is not rectifiable under Section 254(2) of the Income Tax Act. Therefore, the ITTA is dismissed in limine. __________________ (V.V.S.RAO, J) ______________________________ (RAMESH RANGANATHAN, J) 26.07.2010 vs