SREI INTERNATIONAL FINANCE LTD Vs. STATE OF ORISSA

JUDGEMENT

(1.) THIS batch of Writ Petitions were heard together as common questions of facts and law are involved and these different Writ Petitions were filed in respect of different assessment years by the Petitioner.

(2.) THE Petitioner claims to be a non -Banking Finance Company licensed by the Reserve Bank of India to carry on business in leasing as well as hire purchase, inter alia, of plant, machinery and other equipments.

(3.) IMFA wanted to install a 90 Ton Per Hour (TPH) Spreader Stoker Water Tube Boiler at its Choudwar Power Plant of M/s. Indian Charge Chrome Ltd. (ICCL), which is a sister concern of IMFA. For installation IMFA negotiated with IJT for designing, supplying, erecting and commissioning the said 90 TPH plant at its Choudwar Power Plant. After the terms and condition for designing the said plant between IMFA and IJT were settled, the user, i.e. IMFA approached the Petitioner company for the purpose of erection and installation of the said plant and then to lease it out to IMFA. The said lease is a bipartite contract between IMFA and the Petitioner. Lease rent was agreed at Rs. 23 lakhs per year.