9911796707
TMI Blog2020 (10) TMI 1352X X X X Extracts X X X X X X X X Extracts X X X X ..... aised by the assessee are as under: A. Grounds of appeal relating to corporate tax matters That on the facts and in the circumstances of the case and in law and based on the order of the Tribunal 1. The learned AO has erred in law and in fact by disregarding the ownership status of Cisco Capital India in relation to the assets leased out by it under finance lease transaction and thereby disallowing depreciation claimed by the Appellant in the return of income in relation to such assets. 2. Without prejudice to the above grounds, the learned AO has erred in law and in fact, by not allowing depreciation on the opening written down value (ANDV) of the block of assets leased out under finance lease arrangement, pursuant to allowance ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ting in a disallowance of such payment. 8. The learned TPO/ learned AO have erred, in law and in fact, by determining the ALP of the administrative support fees paid to the AEs as 'NIL' without considering the fact that the revenue authorities are not empowered to question allowability of bonafide business expenditure incurred by the Appellant in the proceedings under section 92CA of the Act. C. Grounds in relation to other matters 9. The learned Assessing Officer has erred in law by levying interest of INR 4,20,28,672 and INR 5,89,728 under sections 234B and 234C of the Act respectively on account of the adjustments proposed to the returned income 3. In the course of hearing, it was submitted by learned AR of the assesse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erit. At this juncture, the Bench wanted to know about the position in Assessment Years 2010-11 and 2011-12. In reply, it was submitted by learned AR of the assessee that in these two yeas, the matter is pending before the DRP and hence, in the present year also, this matter should be restored back to the file of AO for a fresh decision along with the decision on the in respect of Corporate Tax issue and if the Bench feel proper, this matter may be restored to DRP also. Learned DR of the Revenue supported the orders of authorities below. 5. We have considered the rival submissions and in view of the above discussion, we feel it proper to restore back both the issues i.e. the issue regarding allowability of depreciation as well as the issue ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 11-12, the AO records that the assessee was asked to produce copies of agreements and that the assessee had only produced a few of them. We agree with the argument of the ld. DR that at least some more agreements have to be produced for examination before the AO, so that the submissions of the assessee that, the terms of the agreement in these financial leases are similar to the terms of the agreement considered by the Hon'ble Supreme Court in the case of ICDS Ltd. (supra) is correct or not. 8. In view of the above discussion, we set aside the issue to the file of the AO for fresh adjudication in accordance with law. The assessee is directed to produce copies of those agreements which the AO may call for. The AO shall examine these a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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