Subscription   Feedback   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Articles Highlights TMI Notes SMS News Newsletters Calendar Imp. Links Database Experts Contact us More....
Extracts
Home List
← Previous Next →

PRINCIPAL COMMISSIONER OF INCOME -TAX Versus GUJARAT GAS FINANCIAL SERVICES LTD

2016 (7) TMI 924 - GUJARAT HIGH COURT

Capital loss of sale of shares and securities - Held that:- Insofar as the first question is concerned, the identical issue has been decided in case of Commissioner of Income Tax vs. Mohmed Juned Dadani [2013 (2) TMI 292 - GUJARAT HIGH COURT ] - Decided in favour of assessee. - Claim of depreciation in respect of leased assets - Held that:- The assessee has been able to prove genuineness of the depreciation claim qua the air pollution control equipment in question leased out to M/s. Rajendra .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

rred in law and on facts in allowing the Capital loss of sale of shares and securities of ₹ 74,78,000/-? B. Whether the ITAT has erred in law and on facts in allowing the claim of depreciation of ₹ 38,24,344/- in respect of leased assets to M/s. Rajendra Steels Ltd. Kanpur? 2. Facts are identical in nature. We may record facts from Tax Appeal No. 545 of 2016: The assessee-company is in the business of leasing and hire purchase with trading in shares and other investments. The assesse .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

.2002. 3. The assessee carried the matter in appeal before CIT (Appeals). CIT (Appeals) vide order dated 27.09.2011 confirmed the view of the Assessing Officer, however, granted relief in respect of capital loss of sale of shares and securities of ₹ 74,78,000/- depreciation claim of ₹ 38,24,344/- in respect of assets leased to M/s. Rajendra Steels Ltd., Kanpur and disallowed claim of ₹ 24,72,005/- treating as financial transaction. The department as well as assessee preferred a .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

rvations: 11. … … ...We observe on the basis of these facts and evidence that the assessee has been able to prove genuineness of its depreciation claim qua the air pollution control equipment in question leased our to M/s. Rajendra Steels Ltd., Kanpur. The Revenue's argument accordingly are declined. We affirm the CIT(A)'s findings extracted hereinabove granting depreciation relief to assessee amounting to ₹ 38,28,244/-. The Revenue's second substantive ground fai .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 

what is new what is new
  ↓     bird's eye view     ↓  


|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version