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Commissioner of Income tax, Bombay Versus M/s. Industrial Credit & Investment Corpn. of India Ltd.

2017 (1) TMI 723 - BOMBAY HIGH COURT

Claim of investment allowance u/s.32A on the value of the plant and machinery leased out by the assessee - Held that:- The same question is answered in CIT vs. Industrial Credit & Investment Corporation of India Ltd. (2005 (2) TMI 863 - BOMBAY HIGH COURT) answered in the affirmative, relying on CIT vs. Shaan Finance (P.) Ltd. (1998 (3) TMI 8 - SUPREME Court) here the business of the Assessee consists of hiring out machinery, or where the income derived by the assessee from the hiring of any mach .....

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that:- The decision of Shaan Finance (P.) Ltd. (1998 (3) TMI 8 - SUPREME Court ) is squarely applicable to the claim of additional deprecation. The question is, accordingly, answered in the affirmative, i.e. in favour of the Assessee and against the Revenue. - Extra shift allowance of depreciation - Held that:- Supreme Court, in the case of CIT vs. Maharashtra Apex Corporation Ltd. (2001 (9) TMI 4 - SUPREME Court ), following the ratio of Shaan Finance (P.) Ltd. (supra), has held that the a .....

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ered in the affirmative, i.e. in favour of the Assessee and against the Revenue. - Income Tax Reference No. 118 of 1998 - Dated:- 9-1-2017 - M. S. Sanklecha And S. C. Gupte, JJ. Ms. A. Vissanji with Mr.S.J. Mehta for Applicant Mr. Suresh Kumar with Ms.Samiksha Kanani for Respondent JUDGMENT ( Per Gupte S. C. J. ) By this reference under Section 256(1) of the Income Tax Act, 1961 ( Act ), the Income Tax Appellate Tribunal ( Tribunal ) has referred the following questions to this Court at the inst .....

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taking into account all the tours made by the employees and not on the basis of individual tours ? 3. Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in upholding the order of the CIT(A) directing to allow additional depreciation on the assets leased out by the assessee ? 4. Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in upholding the order of the CIT(A) directing to allow the extra allowance on the assets l .....

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ommissioner of Income Tax (Appeals) allowed the Assessee's claim for investment allowance relying on his predecessor's orders in the Assessee's own case for A.Y. 1984-85 and 1985-86. The CIT(A) also allowed the claims of additional depreciation and extra shift depreciation. In the Revenue's appeal before the Tribunal, both parties agreed that the issue relating to investment allowance was covered in favour of the Assessee. Accordingly, the Revenue's appeal on the issue was di .....

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ee. The same question in the case of the Assessee, for another Assessment Year, was referred to this Court and by its judgment dated 28 February 2005 (in ITR No.390 of 1995 - CIT vs. Industrial Credit & Investment Corporation of India Ltd.) answered in the affirmative, relying on the Supreme Court decision in the case of CIT vs. Shaan Finance (P.) Ltd. (231 ITR 308). The Supreme Court had held in that case that where the business of the Assessee consists of hiring out machinery, or where the .....

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here. The question is, accordingly, answered in the affirmative, i.e. in favour of the Assessee and against the Revenue. Re Question 2 : 5 Even this question was answered by this Court in the Assessee's own case referred to above in the affirmative, i.e. in favour of the assessee and against the Revenue. It is answered accordingly. 6 As in the case of Question No.1, even on this question the Assessing Officer had decided against the Assessee on the ground that the leased plant and machinery .....

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