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1 - 10 of 11 (0.57 seconds)Section 32 in The Income Tax Act, 1961 [Entire Act]
Reliable Metal Industries, Mumbai vs Acit -25(3), Mumbai on 22 March, 2019
The
co-ordinate bench of Tribunal in Reliance Industries vs. ACIT
(supra) held as under:
Section 36 in The Income Tax Act, 1961 [Entire Act]
Section 250 in The Income Tax Act, 1961 [Entire Act]
Section 253 in The Income Tax Act, 1961 [Entire Act]
M/S. I.C.D.S. Ltd vs Commissioner Of Income Tax & Anr on 14 January, 2013
5. In this background, we have heard the rival stands, perused the
relevant material and proceed to dispose of the issue in the
following manner. As briefly noted by us earlier, the appellant is a
public financial institution which is, inter-alia, engaged in the
activity of providing finance including leasing also. In pursuance to
such objects, the assessee had leased out assets to various entities
and claimed depreciation on the value of such assets leased out. So
far as the terms and conditions of the lease are concerned, both the
lower authorities have converged that the same are on similar terms
and conditions as was in the past years. In fact, there is a
convergence between the two sides to the effect that the facts and
circumstances of the dispute stand on an identical footing as was
considered by the Tribunal in the earlier years, notably in
Assessment Years 1994-95 to 1996-97 by way of a combined order
dated 29.10.2014 (supra). We have perused the said decision and
find that the Tribunal referred to various decisions, inter-alia, the
judgment of the Hon'ble Supreme Court in the case of I.C.D.S. Ltd.
Vs CIT [2013] 350 ITR 527 (SC), wherein Hon'ble Court held that
even in cases of 'financial leases', the depreciation allowance
contemplated under Section 32(1) of the Act is allowable to the
lessor. It has not been shown by the Ld. CIT-DR that any of such
8 IDBI (ITA No. 3626/M/2001)
AY 1997-98
precedents in assessee's own case has been altered by any higher
authority. Therefore, so far as this aspect of the matter is
concerned, we do not find any hesitation in directing the Assessing
Officer to allow the claim of depreciation on lease of assets where it
involves 'financial lease'.
The Income Tax Act, 1961
Section 1 in The Income Tax Act, 1961 [Entire Act]
Jcit, New Delhi vs M/S. American Express (India) Pvt. ... on 6 April, 2018
The co-ordinate bench followed the decision Dresdner
Bank Ag (supra) and JCIT vs. American Express Bank Ltd.
(24 taxmann.com 50 (Mum. Trib.). Considering the decision of co-
ordinate bench of Tribunal, we direct the A.O. to allow the
deduction on gross basis, ofcource after deducting the direct
expenses attributable to earning such income. In the result, the
assessee also succeeded on this ground.