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Gujarat State Financial Services ... vs Department Of Income Tax cites

T.R.F. Limited vs Commissioner Of Income Tax on 12 July, 2006

12. We have heard the rival contentions and perused the material on record and gone through the legal position. The appellant had written off the bad debts as irrecoverable in the books of account. The legal position for the claim of bad debt is that the appellant had to write off the bad debt in the books of account as held in by the Hon'ble Supreme Court in case of T.R.F. Ltd. vs. CIT (supra). The facts of the appellant are identical with the case of Srei International Finance Ltd. (supr) as NBFC. However, the assessee had I T A No s . 1 12 9 & 15 5 7/ A hd /0 9 & 15 3 & 29 3/ A hd / 20 1 0 A. Y . 2 00 5- 06 & 0 6- 07 Page 16 recovered 28.22 lacs in subsequent year from 13.5 crore. Thus, the bad debts are allowed as claimed to the extent of Rs.13,22,18,530/-. Accordingly, ground nos. 4 & 4.1 of the A.Y. 05-06 of the appellant are allowed partly and ground no. 1 of the Revenue for A.Y. 06-07 is allowed. The A.O. is directed to exclude the amount of Rs.28,22,430/- from the income of the A.Y. 06-07.
Jharkhand High Court Cites 21 - Cited by 366 - M Y Eqbal - Full Document

Kotak Mahindra Bank Ltd, Mumbai vs Dcit Cir 2(3)(2), Mumbai on 14 September, 2018

14. Being aggrieved by the order of the A.O., the assessee carried the matter before the CIT(A), who had confirmed the addition by observing that the appellant had run these buses on hire. As per Income Tax Rule, the I T A No s . 1 12 9 & 15 5 7/ A hd /0 9 & 15 3 & 29 3/ A hd / 20 1 0 A. Y . 2 00 5- 06 & 0 6- 07 Page 17 higher rate of depreciation can be allowed on vehicles used for running hire by the appellant. He also relied upon Hon'ble Bombay High Court decision in case of Kotak Mahindra Finance Ltd. vs. DCIT 265 ITR 114 (Bom.), wherein the difference between lease and hire had been considered by the Hon'ble Court. The assessee is a leasing and finance company. Its income is from lease rent, bill discounting and service charges. Therefore, Hon'ble Bombay High court held that merely because the assessee lets out motor buses, motor trucks and motor vans to its customers, it cannot be stated that the assessee is using the said vehicles in the business of running them on hire. By considering the above judgment, the ld. CIT(A) confirmed the addition.
Income Tax Appellate Tribunal - Mumbai Cites 24 - Cited by 5 - Full Document

Cit vs H.P. Cotton Textile Mills Ltd. on 2 August, 2007

Forth transaction took place in A.Y. 1998-99 in which depreciation of Rs.4,01,38,576/- was claimed and allowed. Fifth also took place in A.Y. 1998-99 in which the depreciation of Rs.7,99,42,946/- was claimed. It is stated by the learned AR of the assessee that no fresh lease transaction has taken place this year and depreciation in respect of old lease transactions has only been claimed this year. Therefore, following the principle of consistency, as propounded in CIT vs. H.P. Cotton Textile Mills Ltd. 311 ITR 436, CIT vs. Malborough Polychem Pvt. Ltd., 309 ITR 43; CIT vs. Moonlight Builders and Developers 307 ITR 197 and ACIT vs. Gendalal Hazarilal & Co. 263 ITR 679 wherein it is held that even though in income-tax proceedings principle of res- judicata is not applicable, but consistency has to be maintained unless there is manifest distinguishable facts. In earlier years, claim of depreciation was accepted by the revenue which has now become final, the revenue cannot disallow the present claim, unless facts and circumstances are distinguishable. Therefore, the revenue is required to maintain a judicial consistency between itself and taxpayers. As a result, we do not find any merit in the claim of the revenue and this ground of the revenue is dismissed."
Punjab-Haryana High Court Cites 7 - Cited by 8 - A K Mittal - Full Document

Engineering Analysis Centre Of ... vs The Commissioner Of Income Tax on 2 March, 2021

(iv) Agarwal Finance Co. (P.) Ltd. v. CIT (2009) 28 DTR (Cal) 102 He further, argued that when different views held by the various Courts on same issue, it should be decided in favour of the assessee as held by the Hon'ble Supreme Court in case of Vegetable Products Ltd. (1973) 88 ITR 192 I T A No s . 1 12 9 & 15 5 7/ A hd /0 9 & 15 3 & 29 3/ A hd / 20 1 0 A. Y . 2 00 5- 06 & 0 6- 07 Page 18 (SC), in favour of the assessee. From the side of Revenue, ld. CIT DR vehemently relied upon the orders of the lower authorities.
Supreme Court of India Cites 167 - Cited by 1029 - R F Nariman - Full Document
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