Karnataka High Court
The Commissioner Of Income Tax vs M/S Yashaswi Leasing & Fin Ltd on 29 August, 2011
Bench: N.Kumar, Ravi Malimath
,,.W.Wmwumwgmmvmmwwwswaéfiawfimsifi :%§%f%5§:£>C§*§§} ' 35$ "?"§~iE %fi§§~'; CQQRT Q? §<A§{§\§;'-iT{3%E<A AT EE3-§'*~§§.5z;Li'i'§E mrm "SEES THE 29"' mar GE m;§:.;§":" 2§::{i::' ?RESEF'\iT ma %-£(f};I"x§'§E_E MR. 3u5'::€»§%a;',Ka%§§»1,%;é'T71 ma Q ":s~:5 aamfgag §sr:§;.3%';g3"§fV:_:i<;:V§~;% aaéég: .;af;;;:K;§z_;aT*§<§fé""' zm am :3s2%~§E,;@L@§ ' Qfg V "
ETA;E'xé§';f,'{}8'3€"3E' Z;0F£3;§j,V. * . $§?WEEN/i 3;? mg C®§'«'E§'vEi§T§'SE."{f3¥..E§»§'E:?3;'_V}GF ~:;'1§.ei%g<:%s;:?=:%'%'%i'.%~'m:<, A CEE'\§'"§"RAL £m,;C;;E,.;j.jC.R't3:;IL€'>:.ra:Q, ig. QUEE?'éS,v--é'€;$%;€2;. 3AwsAaaRE5'"
2, THE 9Es0:;':t§:"$%@:~«§a::!2:::s%:<3'm.§'§<Q? zgxscgma-'mx CERCE.E~i2{E'~§_; :..':_.;2.E}i;:':_,@r:.§'»;§, QUEEEL-'"3 39%,-. _ " % .~.«_$&?'-é€'.;E}'f%«.im C%_F%E5 ..... .'A??§E,~£_£%%\.¥"fS %-." ** '« CQMMQfi ;§;f§;*~; 35%;»..V§<,%é§T;+,ém:;::a::> §":;:§ :::?;§ ?%*'%,"£a$ESE'i,e'3¢C§*§;'3a§,¢§{ % '..'_',M;g;;5~%f;:;§§éég2g2;: i£fi§EF=§§ 3:, FE?'-§§§°"L§€%? zgzsz, ;%.V__§BM;~i;.¢§;.V :::'W §F?{"_EEf'\§? :3 z';§a%;F--f;z':~=;":*§zv 239$;
\\ \ \ \ V».,m,\\«mwammwmm%mumw invagimeaég and éaasfitfagé aévancag for c@:'2**:§a:':§r:§ E:*.c9§< §mfi:$ urséer Seitém iifijia 5%' me Encame Tax fiszfggf Z. Yhmzgh ihé mtéce wag ézsiy m,:1b;_§_£ 3"'?:V;e.§fj§'§: tE;1é*~.'T rgewspaagzfi, the resspzméenés max/£3» nét e"n:'e3:.;*5exj ag;--;>_;é&2r;:«%,;§"Cé:
3; T%':e$e Ewe apgeaés_4_§eEa4§s:._fl%G t%'1§»"é2a;i;é£e §«isrré:i;3%é.?:
Efégrs wggeg am wggwzaaa,'""=:_V'A % n 4, The a§§@s§é;§_._"§%1;:3'.'%;as;>§%é§:a;;u.,n§;:::«»=3»sé::g Finance E..t@., fig H3 ieasizég, Yhey féfed 3 remrfi..w.Q§?i,".'§Vr§:;%»§%;%é§' totaé mmme a$ mi, The case? wa}$;A%ejé*vQ@_:;%@;:d %a'c;sHé'sn 147. After recerémg izhe :*ea§@ 's*;sf;,{' 3; "9Se<:%:E<;}n 148(2)': was igsueé, E119 £§'s:'~;<z>;$seéV's'-».:fé'§re$é%nfiatEve gxoducad the beaks sf §é{::e;£i':é:5;""é2":£*»:gi§§§r Saaasmentgs Gr: examénatéim of the §'am'@_, §i::'*:.'§j2;3.::':§ Ehai iéw aggegaeé whiéa mmgjmiéag me §:*2£c::':'ze :m§::?:°«:'*"§e::f:§as2 ::$3B{E«=L&T} fiaé mi awed %a£§< 'aha ' *-.;;;é::vVjé3éa::':«:---'{5}? §"s§:":--§§:"E'9s'§"§":E€':g asgieég £2? ?g3$§fi§;88;8Zé_;"~, "'»--a-zégeggafi wag agkeé is exgéam hig aanéuaig ?"?za : "€E$$%€S$€8 gegéésri am: 9:: E§'E€ csmguiatéafi 9? Erémme zmfier .g.'.'.v.gwwMwnwmm\mmnwWmWwa% §&% accztardancsfz wéété': R81 Gzzédefiéneg, Tfiég Qrmrégéan ég <j;*:-f:%aie§ mt agaészgt any Eéabééitéeg but far §e§ra£%atE€::*: the adjustment an back gyoféis was mi:
View 0? t%z@ éaw §e<::%arefi in {he v:3a*'§?é';«ia':*§. is £5': the créfeij, {he aédiiéorg 2aras.»':'<§;e%:;§_§Aé é Came {<3 be aéimazed' b3z :he §§§'z_"i {fie 'V %"€'v"€F'%éi$ Qffiféfféfi 3?'?I"%?E@aA§""'b:::;f:;§%é.gag ;%%'a'E3u§i EaE% "?'h@ "E"r%b:sna§ after referr§:2§V *;5aé _j:_!_:s:igz";2e:'°:*c5 and foE%::>wErz§ earééer cage, hem that ihé .520? justifiefi m adémg back t%3<::';}vr€§V§f§*%%'a;§€*§fs~r daubtfui investment anfi fi$LE_ib'Efl%1§ moi»: greféi ursfier Semen the aggaafi it is agaénsft mg é_ as~d:~_::>ir*'}.?t§2_fé ;2§e3&%é'f'a--;é.§eaEs are fiieé.
3 E';3a§:*:e§ Cmsnseé ggfiaaréfig fa: 5:29 :eas&:'2:.:e agsic-3:_i§%r:2§§§9:é:;%;%:§a.;§€:aé §§"é€E' asnienafeé Em'; én View 5? {he
-rjfz§":"'&€E'E§i'Z5'§£ §Ei tg Seatéésn 315%. 5;: ?'%::§:*:ce ééii :"=.£<:;,2 9'? 28%,, V"-é%7,2§*%.§§C§'%f£as":":s mag; effecé: reéréggeiiévaég fmm a:;§&;,:@9& 2§:,/ /4 I "'?%':e:'i$=.;§§rie;. the a€d'3e*%r"f;;a$5eaE E3'; {E39 Trimséai wag its "'*.3gc:;:_?':i;§§'::.:§A 2-%éé:.§_é'_j%;he tiéeg": exégzéng Eaw. 32% ééreatiazra 53;
'E::0@%< §§'::;?§'£; :2": aémgaiaiém 9? éncsfzerm urzéay Sagéém 3.33338 ':;é.;:{:a.$_» ""§_«:;£@rre::i.< éiazarevef, 2:: zgéeazag cf {he afawgfiéé
----- ':E%'"§'§€',€";§!'i"E§§"§§L, a::;%:§§?: ég maée §*§':s*@§§e€:%xs& 5": weraiéeie wit Em azflm §&SS€fl mi :39 "ékébunaf 23 éiiegaf am reqzzéreg is; ée get aside.
6. Seaiéoré 213%. d@a§§ with reéating 3:3 aertaén mmganiég, $5"GVES§G§'% éefénes the beak preifég as :i'E"3e€ r:.:ét prfi-"iAt'A'a;$ in the mafét 33$ 39% a€c0un {"L'£%§s iighé yea? Qregareé :3:/zéer $u:b«;§e<:i'éVé§'fjé.'§4}fi§§fL's.._:nc;;駧'§é§ by me amount 5:" amozgnig .--~;;«:£§*:}A¥g_é§<fsns made fer determéyéatém ' If any amgunt refeweé Ea {:a::)75§';: {;g-}.' e$ ':¥i§Efited E0 Em pmféi: and Eesg &i.:;':QU%E':C,;"v.:?*{§O?;::;CL7_:'i§'}é amvézéiémeniz, the amount as' am9unt$7$e%:~a§§§§"a'$~.¢z*z.>s}§?é'§4%.<f;--:'é far éémémstéan in the vaiue G? as"f;s';r'_ as§45e'§:V_ \.(-«gag %4:'s': "':§";c§u§e§ in the back greféi, éhé' .g§§$$$3§:é§;,;_ ;$%:§f:h€:}§"§'i:'3«* ti; aéfi baak the grevégéea Kg {fie gag .
. ,.,.".W,,,.~y,4MMwmmWmMmy;wmw/M fhegefare, the §a%e:§ Eéawéiy E5 529% E\§?,& $25? the gerfg-:f_;*r;£;;g awets ag i§'}@'§f havg aontimseé :9 be fgrméng gar:
fifibmra. Ag the afarawifi doabtfsié debts %.r2:€r;e'é::%':e:E§3:{;%z;§:: EVEg? M wrmny:efi?mn5er$ecfien 35§}@fi)ffi%fiéfié b§§a;1§agsaw, % § § 3 amssmi $5 m be afifieé fig": arr§v§ng:"1';;e§::.?f hTéV fiéés the bmk gzefitss: TV ' ' 9v ZR Er: izhg iigfijzi 9? §Vi"'éx:A";;ifQ'$a§ga% d¥ '"fa<:.i:;=;. §and the changa 57:: faw, $26 a3 wefi as the Agpeééaie C§:g's--":z_af2é$$:§"o7§é"é:f%:g oréer gassed by the fiasgagsirgg" ;iz2.;fz?EA%..c;;¥--;:?::;: -2Zg...__£*e:$fc<:%fe §:f, fi.c«::§s'dEr:g£y, the J i 5 .2 ;<;a:b§Ea:*2'iéa§ _.rg.u--§$tég;?;§ :'13Af.V.3a-:5}'--.f%am'e:fiV-"Es: ihig aweaé are answereé is: fa'v{>:;§* i::fL %E:.%;'é«.__§*eg;§;"::;e ané agaérzst 'me aggessae, A' .....
§§$$§ Wm?
m Wkm fif?' E133}