Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2012 (5) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2012 (5) TMI 59 - HC - Income TaxClaim of depreciation in respect of assets allegedly leased - assessee purchased assets and leased back to the same company claiming 100% depreciation as a lessor - ITAT deleted addition made by the AO - Held that:- The appellants are carrying on the business of financiers, they are not dealing in motor-vehicles and the motor-vehicle purchased by the customer is registered in the name of the customer - letter taken from the customer agreeing to keep the vehicle insured recited that the vehicle has been given as security for the loan advanced by the appellants - right of the appellants may be extinguished by payment of the amount due to them under the terms of the hire-purchase agreement even before the dates fixed for payment - the intention of the appellants in obtaining the hire-purchase and the allied agreements was to secure the return of loans advanced to their customers and no real sale of the vehicle was intended – considered merely financing transactions -The matter has not been examined and considered by the tribunal from the right perspective as the real issue and controversy has not been examined - An order of remand directing the tribunal to examine the controversy afresh - in favour of the Revenue
|