TMI Blog2003 (11) TMI 43X X X X Extracts X X X X X X X X Extracts X X X X ..... :- 24-11-2003 - Judge(s) : J. S. KHEHAR., HEMANT GUPTA. JUDGMENT The judgment of the court was delivered by J.S.Khehar J.- The petitioner, i.e., M/s.Punjab Leasing Private Limited, Amritsar, is engaged in the business of financing of vehicles and consumer H durables on "hire-purchase basis" as well as on "lease/rent basis". On account of the income earned by the petitioner during the assessment year 1993-94 ; the petitioner filed an income-tax return declaring income of Rs.1,05,190. The return filed by the petitioner was accepted. The case of the petitioner in respect of income for the assessment year 1993-94 was taken up for scrutiny and the assessment under section 143(3) of the Income-tax Act, 1961, whereupon the authorities d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ply of the petitioner, proceedings initiated against the petitioner under section 263 E of the Income-tax Act, 1961, were also dropped. After the entire deliberations, as noticed hereinabove, the petitioner was issued a notice under section 148 of the Income-tax Act, 1961, for the assessment year 1993-94, dated May 29, 2001, whereby the petitioner's assessment for the aforesaid year was reopened. The petitioner submitted a reply to the F notice under section 148, and enclosed therewith the order passed under section 143(3) of the Income-tax Act, 1961, whereby the Department itself had accepted the petitioner's income at Rs.1,12,698 for the said assessment year in question. The petitioner also submitted a representation dated December 14, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d the petitioner to furnish the Department with the purchase documents of vehicles for which depreciation has been claimed, i.e., the vehicles allegedly used by the petitioner for its "lease/rent" business, i.e., to determine whether these vehicles were purchased in the name of the petitioner or in the name of the lessee. The Department has also required the petitioner to furnish the bills of purchase at the time of delivery of the vehicles so as to determine whether the same have been signed by the petitioner as owner or by the lessee. The Department also desires to verify the particulars of the party who would be responsible for the damage to the vehicles during the process of delivery. The particulars of the deposits made by the lessee w ..... X X X X Extracts X X X X X X X X Extracts X X X X
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