TMI Blog2010 (4) TMI 759X X X X Extracts X X X X X X X X Extracts X X X X ..... hicles - Thus, both the Commissioner of Income-tax (Appeals) and the Income-tax Appellate Tribunal have returned findings of fact that the contract was not a transport contract, but merely entailed the taking of vehicles on lease and the payments were in the nature of lease rentals simplicitor - Consequently, the disallowance made by the Assessing Officer u/s 40(a)(ia) was liable to be deleted - D ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... carried out this obligation, the assessee was not entitled to any allowance under section 40(a)(ia) of the said Act. The Commissioner of Income-tax (Appeals) examined the agreement entered into between the assessee and the lease rental company, namely, Kotak Mahindra Primus Ltd. and came to the conclusion that it was only intended for providing the vehicles on lease to the assessee. The lessor wa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Tribunal have returned findings of fact that the contract was not a transport contract, but merely entailed the taking of vehicles on lease and the payments were in the nature of lease rentals simplicitor. Consequently, the disallowance made by the Assessing Officer under section 40(a)(ia) was liable to be deleted and it was ordered accordingly. 4. We find that the Tribunal has, on findings of t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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