COMMISSIONER OF INCOME TAX vs. M/S ESCORTS FINANCE LTD.

The following substantial questions of law arise: 1.Whether the sum of Rs.46,97,334/- was earned by the assessee from a lease or a finance transaction so as to make it taxable under the Income-Tax Act? 2.Whether interest component embedded into the lease rental is to be included in chargeable interest for the purposes of the Interest Tax Act? Paper books be filed by the parties in accordance with the High Court Rules.

List the matter in due course, along with ITA Nos.33/2006, 223/2006 and 558/2006. . VIKRAMAJIT SEN, J . . . S. MURALIDHAR, J NOVEMBER 06, 2006 'ac'