9911796707
TMI Blog2018 (7) TMI 1255X X X X Extracts X X X X X X X X Extracts X X X X ..... ual funds and insurance agency. For the assessment year 2011-2012, the appellant filed its return income of Rs. 1,18,80,275/-. The case of the assessee was taken for scrutiny by issuing notice under Section 143(2) of the Income Tax Act, as the assessing officer completed the assessment disallowing the principal portion of rental income for Rs. 11,72,296/-. The basis for the order is that the assessing officer has treated the principal portion of lease rent as income from the leasing business and added it back to the total income of the appellant. The assessee filed an appeal. The Appellate Authority dismissed the tax appeal. The matter was taken up further before the Income Tax Appellate Tribunal. The Tribunal also dismissed the appeal. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essee seeks a decision of this Court on the following questions of law:- 1.Whether on the facts and circumstances of the case the Tribunal was right in law in holding that in the case of Finance Lease transaction the entire lease rental should be offered as income contrary to the Accounting Standard -19 dealing with accounting of leases issued by the Institute of Chartered Accountants of India? 2.Whether on the facts and circumstances of the case the Tribunal was justified in not directing the assessing officer to consider that in the case of Financial Lease only the interest income accrued to assessee should be taxed and not the entire lease rental as assessed by him and consequently withdraw the claim of depreciation on le ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... not think any justifiable ground to accept the case of the assessee that based on Accounting Standard 19 only that the agreement in question was entered into by the assessee and it has to be treated as the finance agreement. 13.As far as the present case is concerned, the question herein has to be seen from the terms of the agreement entered into between the assessee, which was placed before the Assessing Officer as well as before other Appellate Authorities, a copy of which is also placed before us and we have also gone through it. In the light of the details contained in the agreement has been narrated by us in the preceding paragraphs and considering the import of the agreement, we have no hesitation in rejecting the assessee's co ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
