Tax Management India. Com
                            Law and Practice: A Digital eBook ...
TMI - Tax Management India. Com
Case Laws Acts / Rules Notifications Circulars Tariff/ ITC HSN Forms Manuals SMS News Articles Highlights
        Home        
 
Extracts
Home List
← Previous Next →

The Dy. Commissioner of Income-tax Versus M/s. PTL Enterprises Ltd.

2012 (4) TMI 670 - ITAT COCHIN

Income from lease rent is assessable under the head Income from business - Held that:- The undisputed facts are that the assessee has leased out its plant and machinery in the year 1995. Hence, while considering the claim of the assessee for the years ending 31.3.1996 and 31.3.97, the Tribunal held that there is nothing on record to show that the assessee had no present intention to revive its business at appropriate time, as the gap between the year of closure and the years under consideration .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

terials. Accordingly, in our view, the Ld. CIT(A) was not correct in placing reliance on the decision of the Tribunal without appreciating the facts prevailing in the year under consideration. - I.T.A. No. 659/Coch/2010 - Dated:- 3-4-2012 - SHRI N.R.S.GANESAN, JM and B.R.BASKARAN, AM JJ Shri Radhesh Bhat, CA for the Appellant. Smt. Vijayaprabha, Jr. DR for the Respondant. ORDER: This appeal filed by the Revenue is directed against the order dated 06-09-2010 passed by the Ld. CIT(A)-II, Kochi and .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

assessee-company had leased out its plant and machinery to M/s Apollo Tyres Ltd in April 1995 and the said lease agreement is renewed from time to time. The assessee claimed the income from lease rent as its business income. However, the Assessing Officer assessed the same under the head Income from other sources . 4. In appeal filed by the assessee, the Ld. CIT(A) allowed the claim of the assessee by following the decision of ITAT in assessee's own case in earlier years. Aggrieved, the Rev .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

cision of the Hon ble ITAT in assessee's own case which was referred to by the Ld. CIT(A). He further submitted that the very same view was followed by this Bench in assessee's own case for the assessment year 2003-04 in I.T.A. No. 315/Coch/2006. 6. We have heard the rival contentions and carefully perused the material on record. There cannot be any dispute that the question whether the assessee is having an intention to revive its business activity is a question of fact and the same is .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 

Discussion Forum
what is new what is new
 


|| Home || About us || Feedback || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members ||

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