SUNDARAM FINANCE LTD,CHENNAI vs. DCIT, LARGE TAXPAYER UNIT-1, CHENNAI

ITA 12/CHNY/2018Status: DisposedITAT Chennai17 May 2024AY 2014-15Bench: HON’BLE SHRI MAHAVIR SINGH, VICE PRESIDENT AND HON’BLE SHRI MANOJ KUMAR AGGARWAL (Accountant Member)14 pages
AI SummaryPartly Allowed

What did the Tribunal hold?

The Tribunal decided that indexation benefit on government securities is allowable and that higher depreciation on commercial vehicles used for leasing is permissible. The Tribunal also dismissed the revenue's grounds related to these issues.

What were the facts?

The assessee, Sundaram Finance Ltd., filed appeals against the CIT(A)'s orders for AYs 2012-13 to 2014-15. The appeals involved multiple issues including disallowance under Section 14A, taxability of bad debts recovery, interest income recognition, depreciation on UPS, software development expenses, indexation benefit on government securities, and depreciation on commercial vehicles.

What were the issues?

The key issues were the eligibility for indexation benefit on government securities and the correct rate of depreciation for commercial vehicles used in leasing business.

Which sections of the Income-tax Act were involved?

Section 14A,Section 48,Section 2(42A)

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Cases cited in this judgment(6)Show list

Detected automatically from the text. Citations are also linked where they appear in the judgment. The count shows how many other judgments on BharatTax rely on the same authority.

Heard together (6 matters)

ITA No. 10/Chny/2018
ITA No. 11 /Chny/2018
ITA No. 12/Chny/2018
ITA No. 29/Chny/2018
ITA No.30/Chny/2018
ITA No. 31/Chny/2018

Read from the judgment's own cause title. This page is filed under one of them.

आयकर अपीलीय अिधकरण ‘बी’ "ायपीठ चे"ई म"। IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH, CHENNAI माननीय -ी महावीर िसंह, उपा34 एवं माननीय -ी मनोज कुमार अ9वाल ,लेखा सद< के सम4। BEFORE HON’BLE SHRI MAHAVIR SINGH, VICE PRESIDENT AND HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM 1. आयकरअपीलसं./ITA No. 10/Chny/2018 (िनधाEरणवषE / Assessment Year: 2012-13) & 2. आयकरअपीलसं./ITA No. 11 /Chny/2018 (िनधाEरणवषE / Assessment Year: 2013-14) & 3. आयकरअपीलसं./ITA No. 12/Chny/2018 (िनधाEरणवषE / Assessment Year: 2014-15) M/s. Sundaram Finance Ltd. DCIT बनाम/ 21, Patullos Road, Large Taxpayer Unit -1, Vs.

Chennai – 600 002. Chennai – 600 034. "थायीलेखासं./जीआइआरसं./PAN/GIR No. AAACS-4944-A (अपीलाथ"/Appellant) : (""थ" / Respondent) & 4. आयकरअपीलसं./ITA No. 29/Chny/2018 (िनधाEरणवषE / Assessment Year: 2012-13) & 5. आयकरअपीलसं./ITA No.30/Chny/2018 (िनधाEरणवषE / Assessment Year: 2013-14) & 6. आयकरअपीलसं./ITA No. 31/Chny/2018 (िनधाEरणवषE / Assessment Year: 2014-15) DCIT M/s. Sundaram Finance Ltd. बनाम/ Large Taxpayer Unit -1, 21, Patullos Road, Vs.

Chennai – 600 034. Chennai – 600 002. "थायीलेखासं./जीआइआरसं./PAN/GIR No. AAACS-4944-A (अपीलाथ"/Appellant) : (""थ" / Respondent)

Assessee by : Shri R. Vijayaraghavan, (Adv

The order continues below.

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