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2013 (11) TMI 1245 - AT - Income TaxRemission of Loan Liability - sales tax payable by appellant was converted into loan - Held that:- different benches of the Tribunal have been unanimous in holding that the concession received by the assessee from the state government for repaying the loan amount on an early date, which was liable to be paid on a future date as per the scheme of the government, cannot said to be a case of remission or cessation of liability so as to attract the relevant provisions of the Income Tax Act for taxing the said amount and the same has been held to be a capital receipt. - Decided in favor of assessee. Vehicle Lease Rental - Whether Finance Lease or Operating Lease - Held that:- When we apply the observations/ proposition of the law as laid down by the Hon'ble Supreme Court as reproduced above to the facts of the present case of the assessee, who is a lessee in the case in hand, there remains no doubt in our mind to hold that lease in question in the case in hand can be said to be essentially an operating lease and not a finance lease. - Decision of Apex Court in M/s. ICDS Ltd. Vs. Commissioner of Income Tax [2013 (1) TMI 344 - SUPREME COURT] followed.
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