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2015 (3) TMI 1283 - HC - Income TaxCapital recovery of leased assets termed as lease equalisation charges - rolling stock of the Indian Railways which is owned by the assessee and which is on lease finance basis - Held that:- The issue in respect of the assessee itself is covered for the previous assessment year 2001-02, in its favour. The ITAT had followed its previous order for assessment year 2001-02 in its impugned order. The ITAT’s order for the previous year 2001-02 has been affirmed by a judgment of this Court in Commissioner of Income, Large Taxpayers Unit V. Indian Railways Finance Corporation Ltd. [2014 (6) TMI 224 - DELHI HIGH COURT]. This position is in fact conceded by the revenue. Consequently, the appeals do not involve any substantial question of law. They are dismissed. Prior interest expenditure claim on account interest for a prior period - assessee had contended that on account of retrospective revision of rate of interest which occurred in the assessment year in question i.e. AY 2006-07 - Held that:- ITAT’s final order noticed its direction for assessment year 2002-03 held that there is no dispute about the allowability of expenses. Only dispute is regarding the year of allowability. If the Assessing officer is of the view that the expenses are pertaining to the prior period, the same are required to be considered for the prior and allowed in that year. If it is found that the expenses are allowable in this year on the basis of crystallization of liability, the same may be considered in the year under appeal. The assessee is therefore, directed to place necessary evidence in support of claim of expenses. The Assessing officer on appreciation of evidence may determine the year of allowability and allow the same in either of the year. No substantial question of law
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