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2013 (11) TMI 467 - AT - Income TaxOperating lease or finance lease – Whether the assessee company is a financial company under the Interest Tax Act, 1974? – Held that:- sufficient material is not available on record to give the finding as to whether the assessee is engaged in granting operating lease or finance lease - The assessee has taken contradictory stands in interest tax proceedings and income tax proceedings. In the interest tax proceedings, the assessee is claiming that it is engaged in operating lease but in income tax proceedings, the stand of the assessee is this that the assessee is engaged in granting financial lease - There is no clear cut finding of the lower authorities also in this regard – Matter to go back to the file of A.O. for a clear cut decision on this aspect of matter as to whether the assessee is engaged in granting operating lease or finance lease.
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