CIT(A) v. First Leasing Co. of India Ltd.

216 ITR 455High Court1995#23653 most cited
3

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2018 to 2019.

Judgments citing CIT(A) v. First Leasing Co. of India Ltd.

DCIT, New Delhi vs. M/S. Quippo Oil & Gas Infra Ltd., New Delhi

Appeal of the revenue is dismissed

ITA 5710/DEL/2014[2008-09]Status: DisposedITAT Delhi03 Apr 2019AY 2008-09

Bench: Shri R. K. Panda & Ms Suchitra Kamblequippo Oil & Gas Infra Ltd. Vs The Additional D-2, 5Th Floor, Southern Park, Commissioner Of Income Saket Place Tax, New Delhi Aaacq1278P Range-14 New Delhi (Appellant) (Respondent) Dcit Vs Quippo Oil & Gas Infra Ltd. Circle-14(1) D-2, 5Th Floor, Southern New Delhi Park, Saket Place New Delhi Aaacq1278P (Appellant) (Respondent)

Section 115JSection 143(3)Section 37Section 43B

…n the case of CIT(A) vs. Shaan Finance Pvt. Ltd. (1992) 231 ITR 308 (SC) has observed that the owner is entitled to depreciation on the machinery which has been hired out. Similar view was given in the case of CIT(A) vs. First Leasing Co. of India Ltd. (1995) 216 ITR 455 (Mad) and CIT vs. M.G.F. (India) Ltd. (2006) 285 ITR 142 (Del). 19. We have heard both the parties and perused the material available on record. In the instant case of the assessee, both the conditions are duly satisfied since the oil rigs being plant of 'specific category' are owned by the exploration & extraction of mineral oil in the field of…

M/S. Quippo Oil & Gas Infrastructure Ltd., Gurgaon vs. Addl.CIT, New Delhi

Appeal of the revenue is dismissed

ITA 5634/DEL/2014[2008-09]Status: DisposedITAT Delhi03 Apr 2019AY 2008-09

Bench: Shri R. K. Panda & Ms Suchitra Kamblequippo Oil & Gas Infra Ltd. Vs The Additional D-2, 5Th Floor, Southern Park, Commissioner Of Income Saket Place Tax, New Delhi Aaacq1278P Range-14 New Delhi (Appellant) (Respondent) Dcit Vs Quippo Oil & Gas Infra Ltd. Circle-14(1) D-2, 5Th Floor, Southern New Delhi Park, Saket Place New Delhi Aaacq1278P (Appellant) (Respondent)

Section 115JSection 143(3)Section 37Section 43B

…n the case of CIT(A) vs. Shaan Finance Pvt. Ltd. (1992) 231 ITR 308 (SC) has observed that the owner is entitled to depreciation on the machinery which has been hired out. Similar view was given in the case of CIT(A) vs. First Leasing Co. of India Ltd. (1995) 216 ITR 455 (Mad) and CIT vs. M.G.F. (India) Ltd. (2006) 285 ITR 142 (Del). 19. We have heard both the parties and perused the material available on record. In the instant case of the assessee, both the conditions are duly satisfied since the oil rigs being plant of 'specific category' are owned by the exploration & extraction of mineral oil in the field of…

The DCIT Cir 3(1), Mumbai vs. M/S. Icici Bank Ltd. ( Erstwhile Anagram Finance Ltd), Mumbai

Appeal of the Revenue is dismissed, as above

ITA 5821/MUM/2007[1995-1996]Status: DisposedITAT Mumbai10 Aug 2018AY 1995-1996

Bench: Shri G.S. Pannu & Shri Sandeep Gosain: A.Y : 1995-96

For Appellant: Ms. Jacinta Zimik VashaiFor Respondent: Ms. Aarti Vissanji
Section 143(3)Section 271(1)(c)

…ed assets at the time of entering into the Leasing agreement and that even the Lease Management fees was also received during the year itself. Assessee had referred to the judgment of Hon'ble Madras High Court in the case of CIT vs First Leasing Co. of India, 216 ITR 455 (Mad) and Hon'ble Karnataka High Court in the case of CIT vs Shaan Finance (P). Ltd., 199 ITR 409, which was subsisting at the relevant point of time, to say that actual use of asset by lessee was not relevant so long as assessee, which was in the business of leasing, had leased the relevant asset, thus putting to use such asset for its business…

CIT(A) v. First Leasing Co. of India Ltd. (216 ITR 455) — Cited in 3 Judgments | BharatTax