CIT v High Energy Batteries (India) Ltd. T.C. [(APPEAL) NOS. 579 TO 581 OF 2005] (Mad HC) Facts of the case The assessee had purchased the machinery on 10.03.1995 from its sister concern M/s. Ponni Sugars and Chemicals Limited, a sister concern of the assessee herein at a cost of Rs.250 lakhs. The minutes of the Board meeting of M/s. Ponni Sugars and Chemicals states that the sale of boilers is to meet the cash loss and other financial commitments. The total consideration of the purchase of the material was Rs.250 lakhs, for which the assessee had paid a sum of Rs.50 lakhs and the balance of Rs. 200 lakhs was financed through a hire purchase agreement by M/s. Wipro Finance Limited.