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2018 (9) TMI 1250 - HC - Income TaxGain arising on account of securitization of lease receivables and credited to the Profit & Loss Account - whether a taxable receipt in the current assessment year? - assessee also contended that this notional income was in the nature of a capital receipt, and therefore, could not be subjected to tax - Held that:- We fail to see how the questions of law reproduced by us above, give rise to any substantial question of law. The finding given by the A.O. as well as CIT(A) and the ITAT are purely based on the factual aspects of the matter. As noted by the authorities below, the appellant – assessee itself treated the receipt of ₹ 1.69 Crores as an income in their profit and loss account. It was their contention before the authorities below that this receipt was a capital receipt and hence not taxable. This was answered by the authorities below, and in our view correctly so by relying upon the decision of the Supreme Court in the case of the Commissioner of Income Tax Vs. T.V. Sunderam Iyanger & Sons Ltd. [1996 (9) TMI 1 - SUPREME COURT]. This being the case, we do not find that the questions of law as proposed by Mr. Sheth, the learned counsel appearing on behalf of the appellant, raise any substantial question of law that require any consideration by us. Applicability of matching concept - whether appellant was entitled in law to spread over this income of ₹ 1.69 crores over a period from years 2002 to 2004 - Held that:- Whether the “matching concept” ought to have been applied in the present case is a mixed question of fact and law, the foundation of which has never been laid by the appellant – assessee before the authorities below. If the factual foundation for this argument has not been laid before the authorities below, no substantial question of law can arise therefrom. We, therefore, reject this argument at the very outset on this ground alone.
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