TMI Blog2016 (12) TMI 1543X X X X Extracts X X X X X X X X Extracts X X X X ..... Hexacom Ltd.(2013 (12) TMI 1115 - DELHI HIGH COURT ). Therefore, this question cannot be framed and is answered against the revenue. Treatment by the assessee in its books of accounts to the lease rent paid to IBM for use of its software and equipments should have been amortized or the assessee permitted to claim that they were revenue expenses - Held that:- This Court holds that the impugned o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssee. These were paid after the change in the telecom policy in 1999. The question of law sought to be urged is squarely covered by the previous decision of this Court in the assessee s case for another assessment year CIT v. Bharti Hexacom Ltd. 2013 40 Taxmann.com 40 (Delhi). Therefore, this question cannot be framed and is answered against the revenue. The second question sought to be urged i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ale had given some treatment to the transaction, has to be taken as sacrosanct or the substance of the transaction is to be considered. In our opinion, there cannot be any quarrel with the proposition that the substance of the transaction has to be taken into consideration and merely because in books of ale, the assessee had complied with the requirement of AS 19 and, accordingly, charged deprecia ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessee was the beneficial owner of these assets and the IBM was only titular owner. His contention is that these being movable properties, such titular ownership does not entitle the owner to any benefit or right except, principal security against finance lease charges. 85. However, ld. AR has referred to various clauses, which we have noted in the argument advanced by him, to demonstrate t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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