(a) CIT v. Kotak Mahindra Finance Ltd.

ACIT Cir 2(2)(1), Mumbai vs. L & T Ltd ( Datar Switch Gear Ltd Merged ), Mumbai

In the result, the appeal filed by the revenue is allowed and the cross objection filed by the assessee is treated as allowed for statistical purposes

…ing been “used” in its business of leasing out them to MSEB. Hence, the assessee should be allowed depreciation thereon. In support of these contentions, the ld A.R placed his reliance on the following case laws:- (a) CIT vs. Kotak Mahindra Finance Ltd (2009)(317 ITR 236)(Bom) (b) Multican Builders Ltd vs. CIT (2005)(278 ITR 142)(Cal) (c) Capital Bus Service (P) Ltd vs. CIT (123 ITR 404)(Delhi) (d) PCIT vs. Larsen and Toubro Ltd (2018)(403 ITR 248)(Bom) Referring to the Cross objection, the Ld A.R submitted that the above said amount of Rs.43.42 crores should be allowed as “business loss”. 9 M/s. L&T Ltd. (Data…

Shri Arihant Traders, Mumbai vs. Pr CIT 20, Mumbai

In the result, the appeal filed by the Assessee is partly allowed with our directions as given above

Bench: Shri C.N. Prasad & Shri Ashwani Tanejaassessment Year: 2010-11 Shri Arihant Traders, Pr. Cit-20 211- B Prabhat Bldg, Pirmal Chambers बनाम/ Deodhar Rd Matunga (Cr) Mumbai- Vs. Mumbai -400019 (Revenue) (Respondent ) P.A. No.Ablfs6608N Assessee By Shri Vijay Mehta (Ar) Revenue By Shri Sanjay Singh (Cit-Dr)

…with the facts of leasing business where the assets are deemed to be 6 Arihant Traders put to use as soon as the Lessor hands over the assets to the Lessee. Reliance in this regard was placed on the following judgments: (i) CIT v. Kotak Mahindra Finance Ltd. 317 ITR 236 (Bom) (ii) CIT v. Reetu Finlease Pvt. Ltd. 286 ITR 652 (Del) 3.3. Per contra, Ld. CIT-DR vehemently opposed in detail all the arguments of Ld. Counsel. It was submitted that the assessee was permitted to make first sale of its lottery tickets on 01.04.2010 and therefore, it could not be said that the assessee commenced its business during the yea…

Executive Centre India P.Ltd, Mumbai vs. JCIT (OSD) 8(1), Mumbai

In the result, appeal of the assessee is allowed in part

…'s business is that of running of a business service centre, in this case, the assessee has let out Unit No.30 as per agreement dtd.15.09.2008 and therefore, the asset was used for the purposes of business. The Bombay High Court in Kotak Mahindra Finance Ltd. 317 ITR 236 by relying on the Supreme Court decision rendered in the matter of M. Corp Global Pvt. Ltd. - 309 ITR 434 has held that assessee carrying on business of leasing is entitled to claim depreciation, as soon as, the machinery is leased and rent is received, whether the lessee has installed the machinery or not is immaterial. In the above decision of…