154 Taxman 512 (SC) and Association of Leasing & Financial Services v. Union of India

2 SCC 362Reported decision2011#940 most cited

What is 154 Taxman 512 (SC) and Association of Leasing & Financial Services v. Union of India authority for?

The Supreme Court distinguishes between finance leases and operating leases, highlighting their respective characteristics. This distinction is relevant in determining the tax treatment of lease arrangements.

113

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2003 to 2026.

Also referred to as

Association of Leasing & Financial Services v. Union of India · 154 Taxman 512 (SC) · finance lease · operating lease · lease characteristics · depreciation · lessor ownership

Sections most often in play

Section 234BSection 270ASection 274Section 10(15A)Section 10(2)(a)Section 11Section 12Section 143(3)

Issues it is cited on

section 2(ma)section 286(9)section 90(1)(b)principal purpose testmultilateral instrumentsection 286section 90(1)section 28(i)treaty benefitspptazadi bachao andolantrc

Judgments citing 154 Taxman 512 (SC) and Association of Leasing & Financial Services v. Union of India

Harsh Vardhan Goyal HUF, Delhi vs. ITO, Ward 2(1), Delhi

In the result, appeals of the assesses are allowed, pro tanto

ITA 1246/DEL/2024[2012-13]Status: DisposedITAT Delhi27 Jan 2025AY 2012-13

Bench: Shri Vikas Awasthy & Shri Avdhesh Kumar Mishraआअसं.994/िद"ी/2025(िन.व. 2022-23) Kosi Aviation Leasing Ltd., C/O Dmd Advocates, 30, Nizamuddin East, New Delhi 110013 ...... अपीलाथ"/Appellant Pan : Aaick-6199-B बनाम Vs. Assistant Commissioner Of Income Tax, International Taxation, Circle 2(1)(2), Civic Centre, ....."ितवादी/Respondent Minto Road, New Delhi 110002 आअसं.1027/िद"ी/2025(िन.व. 2022-23) Hoohly Aviation Leasing Ltd., C/O Dmd Advocates, 30, Nizamuddin East, New Delhi 110013 ...... अपीलाथ"/Appellant Pan : Aafch-6609-C बनाम Vs. Assistant Commissioner Of Income Tax, International Taxation, Circle 2(1)(1), Civic Centre, ....."ितवादी/Respondent Minto Road, New Delhi 110002 आअसं.1070/िद"ी/2025(िन.व. 2022-23) Luni Aviation Leasing Ltd., C/O Dmd Advocates, 30, Nizamuddin East, New Delhi 110013 ...... अपीलाथ"/Appellant Pan : Aaecl-5180-H बनाम Vs. Assistant Commissioner Of Income Tax, International Taxation, Circle 2(2)(1), Civic Centre, ....."ितवादी/Respondent Minto Road, New Delhi 110002

…आयकर अपीलीय अिधकरण िद"ी पीठ “डी”, िद"ी "ी िवकास अव"थी, "ाियक सद" एवं "ी अवधेश कुमार िम"ा, लेखाकार सद"के सम" IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “D”, DELHI BEFORE SHRI VIKAS AWASTHY, JUDICIAL MEMBER & SHRI AVDHESH KUMAR MISHRA, ACCOUNTANT MEMBER आअसं.994/िद"ी/2025(िन.व. 2022-23) Kosi Aviation Leasing Ltd., C/o DMD Advocates, 30, Nizamuddin East, New Delhi 110013 ...... अपीलाथ"/Appellant PAN : AAICK-6199-B बनाम Vs. Assistant Commissioner of Income Tax, International Taxation, Circle 2(1)(2), Civic Centre, ....."ितवादी/Respondent Minto Road, New Delhi 110002 आअसं.1027/िद"ी/2025(िन.व. 2022-23) Hoohly A…

Sms Group Gmbh (Formerly Sms Siemag Ag), New Delhi vs. ACIT, Circle- 3(1)(2), Intl Taxtion, New Delhi

In the result, appeals of the assesses are allowed, pro tanto

ITA 1073/DEL/2014[2005-06]Status: DisposedITAT Delhi06 Jan 2025AY 2005-06

Bench: Shri Vikas Awasthy & Shri Avdhesh Kumar Mishraआअसं.994/िद"ी/2025(िन.व. 2022-23) Kosi Aviation Leasing Ltd., C/O Dmd Advocates, 30, Nizamuddin East, New Delhi 110013 ...... अपीलाथ"/Appellant Pan : Aaick-6199-B बनाम Vs. Assistant Commissioner Of Income Tax, International Taxation, Circle 2(1)(2), Civic Centre, ....."ितवादी/Respondent Minto Road, New Delhi 110002 आअसं.1027/िद"ी/2025(िन.व. 2022-23) Hoohly Aviation Leasing Ltd., C/O Dmd Advocates, 30, Nizamuddin East, New Delhi 110013 ...... अपीलाथ"/Appellant Pan : Aafch-6609-C बनाम Vs. Assistant Commissioner Of Income Tax, International Taxation, Circle 2(1)(1), Civic Centre, ....."ितवादी/Respondent Minto Road, New Delhi 110002 आअसं.1070/िद"ी/2025(िन.व. 2022-23) Luni Aviation Leasing Ltd., C/O Dmd Advocates, 30, Nizamuddin East, New Delhi 110013 ...... अपीलाथ"/Appellant Pan : Aaecl-5180-H बनाम Vs. Assistant Commissioner Of Income Tax, International Taxation, Circle 2(2)(1), Civic Centre, ....."ितवादी/Respondent Minto Road, New Delhi 110002

…आयकर अपीलीय अिधकरण िद"ी पीठ “डी”, िद"ी "ी िवकास अव"थी, "ाियक सद" एवं "ी अवधेश कुमार िम"ा, लेखाकार सद"के सम" IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “D”, DELHI BEFORE SHRI VIKAS AWASTHY, JUDICIAL MEMBER & SHRI AVDHESH KUMAR MISHRA, ACCOUNTANT MEMBER आअसं.994/िद"ी/2025(िन.व. 2022-23) Kosi Aviation Leasing Ltd., C/o DMD Advocates, 30, Nizamuddin East, New Delhi 110013 ...... अपीलाथ"/Appellant PAN : AAICK-6199-B बनाम Vs. Assistant Commissioner of Income Tax, International Taxation, Circle 2(1)(2), Civic Centre, ....."ितवादी/Respondent Minto Road, New Delhi 110002 आअसं.1027/िद"ी/2025(िन.व. 2022-23) Hoohly A…

K K Spun India Limited, Delhi vs. DCIT Central Circle-2 New Delhi, Jhandewalan Delhi

In the result, appeals of the assesses are allowed, pro tanto

ITA 2008/DEL/2024[2021-22]Status: DisposedITAT Delhi03 Jan 2025AY 2021-22

Bench: Shri Vikas Awasthy & Shri Avdhesh Kumar Mishraआअसं.994/िद"ी/2025(िन.व. 2022-23) Kosi Aviation Leasing Ltd., C/O Dmd Advocates, 30, Nizamuddin East, New Delhi 110013 ...... अपीलाथ"/Appellant Pan : Aaick-6199-B बनाम Vs. Assistant Commissioner Of Income Tax, International Taxation, Circle 2(1)(2), Civic Centre, ....."ितवादी/Respondent Minto Road, New Delhi 110002 आअसं.1027/िद"ी/2025(िन.व. 2022-23) Hoohly Aviation Leasing Ltd., C/O Dmd Advocates, 30, Nizamuddin East, New Delhi 110013 ...... अपीलाथ"/Appellant Pan : Aafch-6609-C बनाम Vs. Assistant Commissioner Of Income Tax, International Taxation, Circle 2(1)(1), Civic Centre, ....."ितवादी/Respondent Minto Road, New Delhi 110002 आअसं.1070/िद"ी/2025(िन.व. 2022-23) Luni Aviation Leasing Ltd., C/O Dmd Advocates, 30, Nizamuddin East, New Delhi 110013 ...... अपीलाथ"/Appellant Pan : Aaecl-5180-H बनाम Vs. Assistant Commissioner Of Income Tax, International Taxation, Circle 2(2)(1), Civic Centre, ....."ितवादी/Respondent Minto Road, New Delhi 110002

…आयकर अपीलीय अिधकरण िद"ी पीठ “डी”, िद"ी "ी िवकास अव"थी, "ाियक सद" एवं "ी अवधेश कुमार िम"ा, लेखाकार सद"के सम" IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “D”, DELHI BEFORE SHRI VIKAS AWASTHY, JUDICIAL MEMBER & SHRI AVDHESH KUMAR MISHRA, ACCOUNTANT MEMBER आअसं.994/िद"ी/2025(िन.व. 2022-23) Kosi Aviation Leasing Ltd., C/o DMD Advocates, 30, Nizamuddin East, New Delhi 110013 ...... अपीलाथ"/Appellant PAN : AAICK-6199-B बनाम Vs. Assistant Commissioner of Income Tax, International Taxation, Circle 2(1)(2), Civic Centre, ....."ितवादी/Respondent Minto Road, New Delhi 110002 आअसं.1027/िद"ी/2025(िन.व. 2022-23) Hoohly A…

Principal Commissioner of Income Tax, Central-3, Delhi vs. Alchemist Capital Ltd

ITA/251/2023HC Delhi03 May 2023

Bench: HON'BLE MR. JUSTICE RAJIV SHAKDHER,HON'BLE MR. JUSTICE GIRISH KATHPALIA

Section 212(6)Section 439Section 439(2)

…ustody, has already been admitted to regular bail. 16 2019 SCC OnLine Bom 13099 at para 15 17 (2012) 1 SCC 14 at paras 21-23 18 (2020) 11 SCC 648 at para 7 19 (2020) 13 SCC 337 at para 32 20 (2004) 2 SCC 362 at para 12 21 2023 SCC OnLine Del 276 at paras 45-47, 55, 59, 62 Digitally Signed By:NEERAJ Signing Date:03.05.2023 10:52:00 Signature Not Verified 2023:DHC:2994 BAIL APPLN. 251/2023 Page 31 of 53 SFIO’S SUBMISS…

ITO, Ward-35(2), New Delhi vs. Vijay Gupta, Delhi

In the result, the appeal of the Revenue is dismissed

ITA 4080/DEL/2018[2014-15]Status: DisposedITAT Delhi18 Jul 2019AY 2014-15

Bench: Shri Kuldip Singh & Shri Anadee Nath Misshra

For Appellant: Shri V.K. Tulsiyan, CAFor Respondent: Shri Surender Pal, Sr. DR
Section 1Section 3Section 6Section 8Section 801CSection 80I

…uction of provision of a taxing statute must be resolved in favour of the assessee. [The Indian Aluminium Co. Ltd. vs. The C.I. T., West Bengal, Calcutta, (1972) 2 SCC 150 (Five Judges): Star Industries vs. Commissioner of Customs (Imports), Raigad, (2016) 2 SCC 362 (Two Judges); and Eveready Industries India Limited vs. State of karanataka, (2016) 12 SCC 551 (Two Judges)]. 32. It is also a settled principle of law that exemption being an exception has to be respected regard being had to its nature and purpose. [State of Haryana and others vs. Bharti Teletech Limited, (2014) 3 SCC 556 (Three Judges)]. 33.…

M/S. Lotus Buildtech Ltd., New Delhi vs. DCIT, New Delhi

In the result, the appeals of the assessee

ITA 5837/DEL/2013[2008-09]Status: DisposedITAT Delhi17 Jun 2016AY 2008-09

Bench: Shri Chandra Mohan Garg & Shri L.P. Sahu

For Appellant: Shri Rakesh Gupta, AdvFor Respondent: Ms. Sulekha Verma, CIT DR
Section 132(1)Section 143(2)Section 143(3)Section 153ASection 40A(3)

…eness: “I. Before adverting to the judgments/decisions relied by the AR, Hon’ble is prayed to kindly note that -- a decision is available as a precedent only if it decides question of law: as held in (i) Mehboob Dawood Sheikh v. State of Maharashtra{ (2004) 2 SCC 362 para 12} (ii) Surinder Kumar v. State of Punjab v. {194 ITR 434 SC)}. --(i) Only ratio decidendi is binding; --(ii) Observations (obiter dicta) have no binding force: as held in (i) Rekha Mukerjee v. Ashish K. Das (2005) 3 SCC 427; 440-47 (para 29); (ii) Orient Paper and Inds. Ltd. v. State if Irussa AIR 1991 SC 672}. (iii) UOI Vs. Bhanwanti Devi…

M/S. Lotus Buildtech Ltd., New Delhi vs. DCIT, New Delhi

In the result, the appeals of the assessee

ITA 5836/DEL/2013[2007-08]Status: DisposedITAT Delhi17 Jun 2016AY 2007-08

Bench: Shri Chandra Mohan Garg & Shri L.P. Sahu

For Appellant: Shri Rakesh Gupta, AdvFor Respondent: Ms. Sulekha Verma, CIT DR
Section 132(1)Section 143(2)Section 143(3)Section 153ASection 40A(3)

…eness: “I. Before adverting to the judgments/decisions relied by the AR, Hon’ble is prayed to kindly note that -- a decision is available as a precedent only if it decides question of law: as held in (i) Mehboob Dawood Sheikh v. State of Maharashtra{ (2004) 2 SCC 362 para 12} (ii) Surinder Kumar v. State of Punjab v. {194 ITR 434 SC)}. --(i) Only ratio decidendi is binding; --(ii) Observations (obiter dicta) have no binding force: as held in (i) Rekha Mukerjee v. Ashish K. Das (2005) 3 SCC 427; 440-47 (para 29); (ii) Orient Paper and Inds. Ltd. v. State if Irussa AIR 1991 SC 672}. (iii) UOI Vs. Bhanwanti Devi…

The Commissioner of Income Tax - II vs. M/s. Kumar Raja Associates

In the result, all the Tax Revision

ITTA/191/2008HC Telangana23 Mar 2016

Bench: Floor, Opp.Gurudware Bus Stop, Th Stat, 0/O.Meghana Towers, 4 Visakhapatnam. ... Petitioner & M/S.Pulp-N-Pack [P] Limited, Tadimalla ... Respondent : Sri T.C.D.Sekhar, Gp For Commercial Tax Counsel For The Respondent : Sri S Suribabu, Representing On Behalf Of Sri S R R Viswanath Counsel For The Petitioner

For Respondent: Sri T.C.D.Sekhar, GP for Commercial Tax
Section 22

…IN THE HIGH COURT OF ANDHRA PRADESH AT AMARAVATI WEDNESDAY, THE EIGHTH DAY OF MAY TWO THOUSAND AND TWENTY FOUR PRESENT THE HONOURABLE SRI JUSTICE RAVI NATH TILHARI AND THE HONOURABLE SRI JUSTICE HARINATH.N TAX REVISION CASE Nos.83.135,149 & 191 of 2008 TAX REVISION CASE No.83 of 2008 Petition under Section 22 (1) under Rule 10 of APGST Rules under Section APGST Act, to revise the order dated 21.01.2008 made in T.A. No.61 of 2007 passed by the Sales Tax Appellate Tribunal, Andhra Pradesh, Hyderabad preferred against the order of the Deputy Commissioner (CT), Eluru in R.F.No.8/2007-2008 (CST Act), dated 23.05.2007…

M/S. Lairy Distributors Pvt. Ltd., New Delhi vs. DCIT, New Delhi

In the result, all the appeals of the assessees stand allowed on legal grounds Nos

ITA 6947/DEL/2014[2006-07]Status: DisposedITAT Delhi27 Jan 2016AY 2006-07

Bench: Shri Chandra Mohan Garg & Shri L.P. Sahu

For Appellant: Shri Salil Aggarwal, AdvFor Respondent: Shri Ramesh Chandra, CIT-DR
Section 143(3)Section 153C

…the High Court it is necessary that it must formulate the question of law and then it should be answered either way. In support of this ready reference is drawn to the Supreme Court judgments in the case of Mehboob Dawood Sheikh v. State of Maharashtra (2004) 2 SCC 362 para 12 and Surinder Kumar v. State of Punjab v. {194 ITR 434 SC)} where it was held that a decision is available as precedent only if it decides a question of law. Since, in the above case no question of law was decided it cannot at all be relied upon even indirectly. 3.3 Same way, Delhi High Court judgment in SSP Aviation Ltd. {346 ITR 177} is a…

Pr. Commissioner of Income Tax (Central-1) vs. Late Shri Sudhir Sareen

ITA/284/2015HC Delhi06 Jul 2015

Bench: HON'BLE DR. JUSTICE S.MURALIDHAR,HON'BLE MR. JUSTICE VIBHU BAKHRU

Section 375

…ional scrutiny, she submits that it cannot survive, irrespective of the punishment that it may thereby entail, as prescribed in Section 376. That apart, she submits that the 28 (2007) 11 SCC 528 29 (2017) 2 SCC 362 Digitally Signed By:SUNIL SINGH NEGI Signing Date:11.05.2022 18:14:04 Signature valid This is a digitally signed Judgement. NEUTRAL CITATION NO: 2022/DHC/001825 WP (C) No 284/2015 & connected matters Page 40 of 200 petitioners have constantly highlighted their concerns about the disproportionately high s…

The Commissioner of Income Tax IV vs. New Bombay Goods Transport

ITTA/249/2013HC Telangana11 Jul 2013

Madley Pharmaceuticals Ltd vs. Commnr of Central Excise&Customs, Daman

C.A. No.-003626-003626 - 2005Supreme Court14 Jan 2011
Section 18Section 27Section 35

…34) It is settled law that this Court should follow an earlier decision that has withstood the changes in time, irrespective of the rationale of the view taken. It was held by a Constitution Bench in the case of Waman Rao v. Union of India, (1981) 2 SCC 362: “40. It is also true to say that for the application of the rule of stare decisis, it is not necessary that the earlier decision or decisions of longstanding should have considered and either accepted or rejected the particular argument which is advanced in the case on hand. Were it so, the previous decisions could more easily be treated…

Commnr. of Central Excise vs. M/S. G. Dayaram & Co

Appeal is disposed of accordingly

C.A. No.-002616-002616 - 2003Supreme Court31 Mar 2003
Section 1Section 1(5)

…Page 1 JUDGMENT 1 REPORTABLE IN THE SUPREME COURT OF INDIA CIVIL APPELLATE JURISDICTION CIVIL APPEAL NO. 2416 of 2003 THE BANGALORE TURF CLUB LTD. ...APPELLANT VERSUS REGIONAL DIRECTOR, EMPLOYEES STATE INSURANCE CORPORTION ...RESPONDENT W I T H CIVIL APPEAL NO. 49 of 2006 THE ROYAL WESTERN INDIA TURF CLUB LTD. ...APPELLANT VERSUS EMPLOYEES STATE INSURANCE CORPORTION & ORS. ...RESPONDENT W I T H CIVIL APPEAL NO. 1575 of 2006 THE EMPLOYEES STATE INSURANCE CORPORTION & ORS. ...APPELLANT VERSUS ROYAL WESTERN INDIA TURF CLUB LTD. & ANR. ...RESPONDENT Page 2 JUDGMENT 2 W I T H CIV…