TMI Blog2018 (7) TMI 1255X X X X Extracts X X X X X X X X Extracts X X X X ..... ement entered into between the assessee, which was placed before the AO as well as before other Appellate Authorities - the contentions of the assessee's is rejected that the transaction is only a finance lease. - Decided against the assessee. - Tax Case Appeal No. 343 of 2018 - - - Dated:- 3-7-2018 - S. Manikumar And Subramonium Prasad, JJ. For the Appellant : Mr. R.Venkatanarayanan for M/s. Subbaraya aiyar padmanabhan ORDER ( Order of the Court was made by Subramonium Prasad, J. ) This appeal is directed against the order dated 23.02.2017, passed by the Income Tax Appellate Tribunal, C Bench, Chennai, in ITA No.2470/Mds/2016. 2.The facts and brief as stated in the affidavit are as under:- (a) The appellant is i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... taxed and not the entire lease rental as assessed by him and consequently withdraw the claim of depreciation on leased assets 3.The Income Tax Appellate Authority and the Tribunal dismissed the case of the assessee placing reliance on the Judgment of this Court in the case of the appellant in Simpson and General Finance Co. Ltd., Vs. Deputy Commissioner of Income Tax in Tax Case Appeal Nos.124 to 130 of 2014 and M.P.No.1 of 2014 (6 M.Ps.) in ITA Nos. 36,37,38,39,40,41 and 105/Mds/2012 pertaining to the assessment year 2002-03, 2003-04, 2004-05, 2005-06, 2006-07, 2007-08, 2008-09. 4.The Division Bench of this Court on the very same questions of law raised by the assessee, for the previous assessment years dismissed the case of the as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... any justification to accept this as a ground for holding the agreement as a finance lease agreement. If in effect the agreement is finance agreement, the question of returning the leased item back to the assessee will not arise at all. Further, the question of again affixing the name of the assessee on the property also does not arise. The fact that the equipment is delivered by the supplier to the location of the assessee thus by itself, will not make the agreement, the Finance Agreement and the terms thus seen are matters of arrangement between the parties, finance agreement. As has been conatended by the Revenue, even in the calculation of the lease rental, the monthly repayment of the rent and the number of months of the lease rent paym ..... X X X X Extracts X X X X X X X X Extracts X X X X
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