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2018 (7) TMI 1255 - HC - Income TaxAccrual of income - Nature of Lease – Finance by hire purchase lease – whether the transaction is only a finance lease? - accounting standards - Held that:- The impugned order is squarely covered by the judgment of this Court in Simpson and General Finance Co. Ltd., Vs. Deputy Commissioner of Income Tax [2014 (4) TMI 215 - MADRAS HIGH COURT] as held there was no justifiable ground to accept the case of the assessee that based on AS19 only that the agreement in question was entered into by the assessee and it has to be treated as the finance agreement - the question has to be seen from the terms of the agreement entered into between the assessee, which was placed before the AO as well as before other Appellate Authorities - the contentions of the assessee's is rejected that the transaction is only a finance lease. - Decided against the assessee.
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