CIT v. Aravali Finlease Ltd.

341 ITR 282High Court2012#4986 most cited
24

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2017 to 2025.

Also reported as

21 Taxmann.com 147

Sections most often in play

Section 143(3)Section 2(22)(e)Section 10Section 142(1)Section 143(1)Section 147Section 148Section 250

Judgments citing CIT v. Aravali Finlease Ltd.

MR MUKUND VALLABHDAS THAKKER ,MUMBAI vs. DYCIT. CC 4(2)(1), MUMBAI

In the result, the appeal of the assessee is allowed

ITA 5904/MUM/2025[2008-09]Status: DisposedITAT Mumbai28 Nov 2025AY 2008-09

Bench: Justice (Retd.) Shri C.V. Bhadang & Shri Vikram Singh Yadavassessment Year : 2008-09 Mr. Mukund Vallabhdas Deputy Commissioner Of Thakker, Income Tax, Ground Floor, Vs. Central Circle-4(2)(1), Persian Apartments, Aayakar Bhavan, 434, Vp Road, M.K. Road, Andheri (W), Mumbai-400020. Mumbai-400058. Pan : Aaapt3952A (Appellant) (Respondent) For Assessee : Shri Rajiv Khandelwal (Virtually Appeared) For Revenue : Shri Anurag Tripathi Date Of Hearing : 26-11-2025 Date Of Pronouncement : 28-11-2025 O R D E R Per Vikram Singh Yadav, A.M : This Is An Appeal Filed By The Assessee Against The Order Of The Learned Addl/Jcit(A)-1, Delhi, Dated 27-08-2025, Pertaining To Assessment Year (Ay) 2008-09, Wherein The Assessee Has Challenged The Sustenance Of Addition Of Rs. 9,73,306/- U/S. 2(22)(E) Of The Income Tax Act, 1961 („The Act‟).

For Appellant: Shri Rajiv KhandelwalFor Respondent: Shri Anurag Tripathi
Section 143(3)Section 2(22)(e)

…A.Y 2010- 11 in case of the company. In the earlier decision, he has followed the decision of the Coordinate Bench in case of Edwise Consultants (P) Ltd, which has in turn followed the decision of the Hon‟ble Gujarat High Court in case of Aravali Finlease Ltd 341 ITR 282 (Guj) wherein it was held that depreciation is allowable in hands of the company even if its registered in name of the Director provided the vehicle is used for the purpose of business of company and income derived there from was shown as income of the company. It was accordingly submitted that where there is no dispute that the motor car has bee…

SADHANA NAYYAR,MUMBAI vs. INCOME TAX OFFICER WARD 17(3)(2), MUMBAI

In the result, the appeal is dismissed

ITA 1310/MUM/2024[2013-14]Status: DisposedITAT Mumbai16 Dec 2024AY 2013-14

Bench: SHRI NARENDRA KUMAR BILLAIYA (Accountant Member), SHRI SUNIL KUMAR SINGH (Judicial Member)

Section 143Section 143(1)Section 143(2)Section 148Section 250

…] 226 ITR 625 (SC). c) Commissioner of Income Tax V. Mirza Ataullaha Baig, [1993] 202 ITR 291 (Bom-HC). 4 Sadhana Nayyar d) Commissioner of Income Tax V. Dilip Singh Sardar Singh Bagga, [1993] 201 ITR 995 (Bom-HC-Nag) e) CIT V. Aravali Fin Lease Ltd., [2012] 341 ITR 282(Guj-HC). f) CIT V. Basti Sugar Mills Ltd., [2002] 257 ITR 88 (Del-HC). g) Income Tax Officer V. Electro Ferro Alloys Ltd. [2012] 13 ITR 594 (Ahd-Trib). h) ACIT, Circle 6 Ahmedabad V. Gopal Fabrics, order dated 29.11.2013 passed by ITAT Ahd in ITAT no. 3338/Ahd/2010 and 463/Ahd/2013. i) Edwis Consultants Pvt. Ltd. V. Deputy Commissioner of Income…

M/S. DINESHCHANDRA R.AGRAWAL INFRACON PVT.LTD.,,DEESA vs. THE JT.CIT, B.K.RANGE,, PALANPUR

In the result, ground number 3 of the assessee’s appeal is dismissed

ITA 1754/AHD/2014[2010-11]Status: DisposedITAT Ahmedabad16 Nov 2022AY 2010-11
For Appellant: Shri M.K. Patel, A.RFor Respondent: Shri Atul Pandey, Sr. D.R
Section 234BSection 271Section 40A(3)

…THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD “D” BENCH Before: Ms. Annapurna Gupta, Accountant Member And Shri Siddhartha Nautiyal, Judicial Member Assessment Year 2010-11 M/s. Dineshchandra R. JCIT, Agrawal Infraction Pvt. B.K. Range, Palanpur Ltd., Agrawal Complex, Vs C/o Income Tax Office, 2nd Floor, Shri Hari Nr. Lion’s Hall, Deesa-385535 Complex, Abu Highway, PAN: AABCD9523D Palanpur-385001 (Appellant) (Respondent) Assessee by: Shri M.K. Patel, A.R. Revenue by: Shri Atul Pandey, Sr. D.R. Date of hearing : 22-08-2022 Date of pronouncement : 16-11-2022 आदेश/ORDER PER : SIDDHARTHA NAUTIYAL, JUDICIA…

M/S. JUGALKISHORE R. AGRAWAL INFRASTRUCTURE PVT. LTD.,,DEESA vs. THE JT. CIT, B.K.RANGE,, PALANPUR

In the result, this ground of the assessee’s appeal is dismissed

ITA 1703/AHD/2014[2010-11]Status: DisposedITAT Ahmedabad16 Nov 2022AY 2010-11
For Appellant: Shri M.K. Patel, A.RFor Respondent: Shri Atul Pandey, Sr. D.R
Section 271(1)(c)

…THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD “D” BENCH Before: Ms. Annapurna Gupta, Accountant Member And Shri Siddhartha Nautiyal, Judicial Member Assessment Year 2010-11 M/s. Jugalkishore R. JCIT, Agrawal Infrastructure B.K. Range, Palanpur C/o Pvt. Ltd. Agrawal Vs Income Tax Office, 2nd Floor, Shri Hari Complex, Nr. Lion’s Hall, Deesa-385535 Complex, Abu Highway, PAN: AABCJ8888A Palanpur-385001 (Appellant) (Respondent) Assessee by: Shri M.K. Patel, A.R. Revenue by: Shri Atul Pandey, Sr. D.R. Date of hearing : 22-08-2022 Date of pronouncement : 16-11-2022 आदेश/ORDER PER : SIDDHARTHA NAUTIYAL, JUDICIA…

SELVA GANESH CONSTRUCTIONS PVT LTD,CHENNAI vs. ITO CORPORATE WARD-6(2), CHENNAI

In the result, the appeals of the Assessee in I

ITA 1658/CHNY/2019[2016-17]Status: DisposedITAT Chennai07 Sept 2022AY 2016-17

Bench: Shri Mahavir Singhand Shri Manoj Kumar Aggarwalआयकर अपील सं./I.T.A Nos.:1654 To 1658/Chny/2019 Assessment Years : 2012-13, 2013-14, 2014-15, 2015-16 & 2016-17

For Appellant: Mr. J. Prabhakar, F.C.AFor Respondent: Mr. ARV Sreenivasan, Addl. CIT
Section 133ASection 143(3)Section 147Section 148Section 40

…wherein it is held as under: “32. We have heard the parties on this issue and perused the record. We noticed that the Hon’ble Gujarat High Court has considered identical issue in the case of the Commissioner of Income Tax Vs. Aravali Finlease Limited [2012] 341 ITR 282 (Guj) and has taken the decision that the depreciation is allowable in the hands of the company, even if it is registered in the name of its Director provided that the vehicle is used for the purpose of business of the company and income derived there from was shown as income of the company. In the instant case there is no dispute with regard to…

SELVA GANESH CONSTRUCTIONS PVT LTD,CHENNAI vs. ITO CORPORATE WARD-6(2), CHENNAI

In the result, the appeals of the Assessee in I

ITA 1657/CHNY/2019[2015-16]Status: DisposedITAT Chennai07 Sept 2022AY 2015-16

Bench: Shri Mahavir Singhand Shri Manoj Kumar Aggarwalआयकर अपील सं./I.T.A Nos.:1654 To 1658/Chny/2019 Assessment Years : 2012-13, 2013-14, 2014-15, 2015-16 & 2016-17

For Appellant: Mr. J. Prabhakar, F.C.AFor Respondent: Mr. ARV Sreenivasan, Addl. CIT
Section 133ASection 143(3)Section 147Section 148Section 40

…wherein it is held as under: “32. We have heard the parties on this issue and perused the record. We noticed that the Hon’ble Gujarat High Court has considered identical issue in the case of the Commissioner of Income Tax Vs. Aravali Finlease Limited [2012] 341 ITR 282 (Guj) and has taken the decision that the depreciation is allowable in the hands of the company, even if it is registered in the name of its Director provided that the vehicle is used for the purpose of business of the company and income derived there from was shown as income of the company. In the instant case there is no dispute with regard to…

SELVA GANESH CONSTRUCTIONS PVT LTD,CHENNAI vs. ITO CORPORATE WARD-6(2), CHENNAI

In the result, the appeals of the Assessee in I

ITA 1656/CHNY/2019[2014-15]Status: DisposedITAT Chennai07 Sept 2022AY 2014-15

Bench: Shri Mahavir Singhand Shri Manoj Kumar Aggarwalआयकर अपील सं./I.T.A Nos.:1654 To 1658/Chny/2019 Assessment Years : 2012-13, 2013-14, 2014-15, 2015-16 & 2016-17

For Appellant: Mr. J. Prabhakar, F.C.AFor Respondent: Mr. ARV Sreenivasan, Addl. CIT
Section 133ASection 143(3)Section 147Section 148Section 40

…wherein it is held as under: “32. We have heard the parties on this issue and perused the record. We noticed that the Hon’ble Gujarat High Court has considered identical issue in the case of the Commissioner of Income Tax Vs. Aravali Finlease Limited [2012] 341 ITR 282 (Guj) and has taken the decision that the depreciation is allowable in the hands of the company, even if it is registered in the name of its Director provided that the vehicle is used for the purpose of business of the company and income derived there from was shown as income of the company. In the instant case there is no dispute with regard to…

SELVA GANESH CONSTRUCTIONS PVT LTD,CHENNAI vs. ITO CORPORATE WARD-6(2), CHENNAI

In the result, the appeals of the Assessee in I

ITA 1655/CHNY/2019[2013-14]Status: DisposedITAT Chennai07 Sept 2022AY 2013-14

Bench: Shri Mahavir Singhand Shri Manoj Kumar Aggarwalआयकर अपील सं./I.T.A Nos.:1654 To 1658/Chny/2019 Assessment Years : 2012-13, 2013-14, 2014-15, 2015-16 & 2016-17

For Appellant: Mr. J. Prabhakar, F.C.AFor Respondent: Mr. ARV Sreenivasan, Addl. CIT
Section 133ASection 143(3)Section 147Section 148Section 40

…wherein it is held as under: “32. We have heard the parties on this issue and perused the record. We noticed that the Hon’ble Gujarat High Court has considered identical issue in the case of the Commissioner of Income Tax Vs. Aravali Finlease Limited [2012] 341 ITR 282 (Guj) and has taken the decision that the depreciation is allowable in the hands of the company, even if it is registered in the name of its Director provided that the vehicle is used for the purpose of business of the company and income derived there from was shown as income of the company. In the instant case there is no dispute with regard to…

SELVA GANESH CONSTRUCTIONS PVT LTD,CHENNAI vs. ITO CORPORATE WARD-6(2), CHENNAI

In the result, the appeals of the Assessee in I

ITA 1654/CHNY/2019[2012-13]Status: DisposedITAT Chennai07 Sept 2022AY 2012-13

Bench: Shri Mahavir Singhand Shri Manoj Kumar Aggarwalआयकर अपील सं./I.T.A Nos.:1654 To 1658/Chny/2019 Assessment Years : 2012-13, 2013-14, 2014-15, 2015-16 & 2016-17

For Appellant: Mr. J. Prabhakar, F.C.AFor Respondent: Mr. ARV Sreenivasan, Addl. CIT
Section 133ASection 143(3)Section 147Section 148Section 40

…wherein it is held as under: “32. We have heard the parties on this issue and perused the record. We noticed that the Hon’ble Gujarat High Court has considered identical issue in the case of the Commissioner of Income Tax Vs. Aravali Finlease Limited [2012] 341 ITR 282 (Guj) and has taken the decision that the depreciation is allowable in the hands of the company, even if it is registered in the name of its Director provided that the vehicle is used for the purpose of business of the company and income derived there from was shown as income of the company. In the instant case there is no dispute with regard to…

THE ITO, WARD-1(1)(2),, AHMEDABAD vs. M/S. BAJAJ HERBALS PVT. LTD.,, AHMEDABAD

In the result, the appeal preferred by the Revenue is, thus, allowed for statistical purposes

ITA 1088/AHD/2016[2012-13]Status: DisposedITAT Ahmedabad23 Nov 2021AY 2012-13

Bench: Shri Waseem Ahmed& Ms. Madhumita Roy

For Appellant: Shri Tushar Hemani, Sr. Advocate &For Respondent: Shri Mohd. Usman, CIT DR
Section 142(1)Section 143(1)Section 143(3)Section 194ASection 194A(1)Section 194A(3)Section 40

…r in the name of the “Director”. In that view of the matter the company has dominance over the car and the same is used wholly and exclusively for business purposes of the assessee. Reliance were placed in the matter of CIT vs. Aravalli Finlease, reported in, 341 ITR 282 (Guj.) where it has been held that if cars are brought by a company in the name of the “Director”, “Company” is eligible for claiming depreciation on the same. The fact that the assessee has demonstrated the vehicles were used for the purpose of business and, therefore, taking into consideration various decisions on this aspect and also following…

THE ITO, WARD-1(1)(2),, AHMEDABAD vs. M/S. BAJAJ HERBALS PVT. LTD.,, AHMEDABAD

In the result, assessee’s appeal is allowed, and that of the Revenue is dismissed

ITA 2350/AHD/2015[2010-11]Status: DisposedITAT Ahmedabad31 Jan 2020AY 2010-11

Bench: Shri Waseem Ahmed & Ms. Madhumita Royआयकरअपीलसं.Ita Nos. 2277/Ahd/2015 "नधा"रणवष"/Asstt. Year: 2010-11 M/S. Bajaj Herbals Pvt. Ltd. Vs. Ito A-401, Samundra Complex, Ward-1(2), 3Rd Floor, Pratyakash- Nr. Hotel Classic Gold, Ellisbridge, Ahmedabad Kar-Bhavan, Ambawadi, Ahmedabad- 380015 Pan No. Aaa Cb6 654 J अपीलाथ"/ (Appellant) "त् यथ"/ (Respondent)

For Appellant: Shri Tushar Hemani, & Shri PFor Respondent: Shri O.P. Sharma CIT DR& L.P
Section 115JSection 142(1)Section 143(2)Section 143(3)

…iple of law that though cars are brought by a company the name of its director, the company is eligible for claiming depreciation on the same. In this regard, the assessee relied upon the judgement passed in the matter of CIT vs. Aravalli Finlease reported in 341 ITR 282(Guj) which we have carefully perused. 16. As we find that the Learned CIT(A) deleted additions made in respect of “Interest Rs. 82,121/-” and “Insurance Rs. 23,370/-”; However, addition in respect of “Depreciation Rs. 1,36,000/-” and “car expense Rs. 28,995/-” has been partly deleted to extent of 75% i.e. 25% which according to us is unambiguous…

M/S. BAJAJ HERBALS PVT. LTD.,,AHMEDABAD vs. THE INCOME TAX OFFICER,WARD-1(2),, AHMEDABAD

In the result, assessee’s appeal is allowed, and that of the Revenue is dismissed

ITA 2277/AHD/2015[2010-11]Status: DisposedITAT Ahmedabad31 Jan 2020AY 2010-11

Bench: Shri Waseem Ahmed & Ms. Madhumita Royआयकरअपीलसं.Ita Nos. 2277/Ahd/2015 "नधा"रणवष"/Asstt. Year: 2010-11 M/S. Bajaj Herbals Pvt. Ltd. Vs. Ito A-401, Samundra Complex, Ward-1(2), 3Rd Floor, Pratyakash- Nr. Hotel Classic Gold, Ellisbridge, Ahmedabad Kar-Bhavan, Ambawadi, Ahmedabad- 380015 Pan No. Aaa Cb6 654 J अपीलाथ"/ (Appellant) "त् यथ"/ (Respondent)

For Appellant: Shri Tushar Hemani, & Shri PFor Respondent: Shri O.P. Sharma CIT DR& L.P
Section 115JSection 142(1)Section 143(2)Section 143(3)

…iple of law that though cars are brought by a company the name of its director, the company is eligible for claiming depreciation on the same. In this regard, the assessee relied upon the judgement passed in the matter of CIT vs. Aravalli Finlease reported in 341 ITR 282(Guj) which we have carefully perused. 16. As we find that the Learned CIT(A) deleted additions made in respect of “Interest Rs. 82,121/-” and “Insurance Rs. 23,370/-”; However, addition in respect of “Depreciation Rs. 1,36,000/-” and “car expense Rs. 28,995/-” has been partly deleted to extent of 75% i.e. 25% which according to us is unambiguous…

KIFS SECURITIES PVT. LTD.,,AHMEDABAD vs. THE ACIT, CIRCLE-1(3),, AHMEDABAD

In the result Ground No.9 of the revenue is allowed for

ITA 63/AHD/2017[2013-14]Status: DisposedITAT Ahmedabad29 Nov 2019AY 2013-14

Bench: Hon'Ble Justice P.P.Bhatt & Hon'Ble Manish Borad

Section 111ASection 143(3)Section 14ASection 43B

…R 775 as well as the judgment of KIFS Securities Ltd & Khandwala Integrated Financial Services P. Ltd, ITA Nos.643, 2717, 2882/Ahd/14, 786, 914/Ahd/16,63,1885/Ahd/17 & 932/Ahd/2014 jurisdictional High Court in the case of CIT V/s Aravali Finlease Ltd. (2012) 341 ITR 282 (Guj). 51. We have heard rival contentions and perused the records placed before us. Revenue’s grievance is against the finding of Ld. CIT(A) allowing the depreciation and insurance on the motor cars registered in the name of the Directors. It is not in dispute that the cars on which the depreciation has been claimed and insurance expenses ar…

KIFS SECURITIES PVT. LTD.,,AHMEDABAD vs. THE ACIT, CIRCLE-1(3), AHMEDABAD

In the result Ground No.9 of the revenue is allowed for

ITA 1885/AHD/2017[2014-15]Status: DisposedITAT Ahmedabad29 Nov 2019AY 2014-15

Bench: Hon'Ble Justice P.P.Bhatt & Hon'Ble Manish Borad

Section 111ASection 143(3)Section 14ASection 43B

…R 775 as well as the judgment of KIFS Securities Ltd & Khandwala Integrated Financial Services P. Ltd, ITA Nos.643, 2717, 2882/Ahd/14, 786, 914/Ahd/16,63,1885/Ahd/17 & 932/Ahd/2014 jurisdictional High Court in the case of CIT V/s Aravali Finlease Ltd. (2012) 341 ITR 282 (Guj). 51. We have heard rival contentions and perused the records placed before us. Revenue’s grievance is against the finding of Ld. CIT(A) allowing the depreciation and insurance on the motor cars registered in the name of the Directors. It is not in dispute that the cars on which the depreciation has been claimed and insurance expenses ar…

DY.COMMISSIONER OF INCOME TAX CIRCLE-1(3),, AHMEDABAD vs. KIFS PVT.LTD.,, AHMEDABAD

In the result Ground No.9 of the revenue is allowed for

ITA 914/AHD/2016[2012-13]Status: DisposedITAT Ahmedabad29 Nov 2019AY 2012-13

Bench: Hon'Ble Justice P.P.Bhatt & Hon'Ble Manish Borad

Section 111ASection 143(3)Section 14ASection 43B

…R 775 as well as the judgment of KIFS Securities Ltd & Khandwala Integrated Financial Services P. Ltd, ITA Nos.643, 2717, 2882/Ahd/14, 786, 914/Ahd/16,63,1885/Ahd/17 & 932/Ahd/2014 jurisdictional High Court in the case of CIT V/s Aravali Finlease Ltd. (2012) 341 ITR 282 (Guj). 51. We have heard rival contentions and perused the records placed before us. Revenue’s grievance is against the finding of Ld. CIT(A) allowing the depreciation and insurance on the motor cars registered in the name of the Directors. It is not in dispute that the cars on which the depreciation has been claimed and insurance expenses ar…

KIFS SECURITIES PVT. LTD.,AHMEDABAD vs. THE ACIT, CIRCLE-1(3), AHMEDABAD

In the result Ground No.9 of the revenue is allowed for

ITA 786/AHD/2016[2012-13]Status: DisposedITAT Ahmedabad29 Nov 2019AY 2012-13

Bench: Hon'Ble Justice P.P.Bhatt & Hon'Ble Manish Borad

Section 111ASection 143(3)Section 14ASection 43B

…R 775 as well as the judgment of KIFS Securities Ltd & Khandwala Integrated Financial Services P. Ltd, ITA Nos.643, 2717, 2882/Ahd/14, 786, 914/Ahd/16,63,1885/Ahd/17 & 932/Ahd/2014 jurisdictional High Court in the case of CIT V/s Aravali Finlease Ltd. (2012) 341 ITR 282 (Guj). 51. We have heard rival contentions and perused the records placed before us. Revenue’s grievance is against the finding of Ld. CIT(A) allowing the depreciation and insurance on the motor cars registered in the name of the Directors. It is not in dispute that the cars on which the depreciation has been claimed and insurance expenses ar…

THE DY. CIT., CIRCLE-3,, AHMEDABAD vs. KHANDWALA INTEGRATED FINANCIAL SERVICES PVT. LTD, AHMEDABAD

In the result Ground No.9 of the revenue is allowed for

ITA 932/AHD/2014[2010-11]Status: DisposedITAT Ahmedabad29 Nov 2019AY 2010-11

Bench: Hon'Ble Justice P.P.Bhatt & Hon'Ble Manish Borad

Section 111ASection 143(3)Section 14ASection 43B

…R 775 as well as the judgment of KIFS Securities Ltd & Khandwala Integrated Financial Services P. Ltd, ITA Nos.643, 2717, 2882/Ahd/14, 786, 914/Ahd/16,63,1885/Ahd/17 & 932/Ahd/2014 jurisdictional High Court in the case of CIT V/s Aravali Finlease Ltd. (2012) 341 ITR 282 (Guj). 51. We have heard rival contentions and perused the records placed before us. Revenue’s grievance is against the finding of Ld. CIT(A) allowing the depreciation and insurance on the motor cars registered in the name of the Directors. It is not in dispute that the cars on which the depreciation has been claimed and insurance expenses ar…

KIFS SECURITIES LTD.,,AHMEDABAD vs. THE JT.CIT, RANGE- 3,, AHMEDABAD

In the result Ground No.9 of the revenue is allowed for

ITA 643/AHD/2014[2010-11]Status: DisposedITAT Ahmedabad29 Nov 2019AY 2010-11

Bench: Hon'Ble Justice P.P.Bhatt & Hon'Ble Manish Borad

Section 111ASection 143(3)Section 14ASection 43B

…R 775 as well as the judgment of KIFS Securities Ltd & Khandwala Integrated Financial Services P. Ltd, ITA Nos.643, 2717, 2882/Ahd/14, 786, 914/Ahd/16,63,1885/Ahd/17 & 932/Ahd/2014 jurisdictional High Court in the case of CIT V/s Aravali Finlease Ltd. (2012) 341 ITR 282 (Guj). 51. We have heard rival contentions and perused the records placed before us. Revenue’s grievance is against the finding of Ld. CIT(A) allowing the depreciation and insurance on the motor cars registered in the name of the Directors. It is not in dispute that the cars on which the depreciation has been claimed and insurance expenses ar…

THE ACIT, CIRCLE-3,, AHMEDABAD vs. KIFS SECURITIES LIMITED,, AHMEDABAD

In the result Ground No.9 of the revenue is allowed for

ITA 2882/AHD/2014[2011-12]Status: DisposedITAT Ahmedabad29 Nov 2019AY 2011-12

Bench: Hon'Ble Justice P.P.Bhatt & Hon'Ble Manish Borad

Section 111ASection 143(3)Section 14ASection 43B

…R 775 as well as the judgment of KIFS Securities Ltd & Khandwala Integrated Financial Services P. Ltd, ITA Nos.643, 2717, 2882/Ahd/14, 786, 914/Ahd/16,63,1885/Ahd/17 & 932/Ahd/2014 jurisdictional High Court in the case of CIT V/s Aravali Finlease Ltd. (2012) 341 ITR 282 (Guj). 51. We have heard rival contentions and perused the records placed before us. Revenue’s grievance is against the finding of Ld. CIT(A) allowing the depreciation and insurance on the motor cars registered in the name of the Directors. It is not in dispute that the cars on which the depreciation has been claimed and insurance expenses ar…

KIFS SECURITIES LTD.,,AHMEDABAD vs. THE JT.CIT, RANGE- 3,, AHMEDABAD

In the result Ground No.9 of the revenue is allowed for

ITA 2717/AHD/2014[2011-12]Status: DisposedITAT Ahmedabad29 Nov 2019AY 2011-12

Bench: Hon'Ble Justice P.P.Bhatt & Hon'Ble Manish Borad

Section 111ASection 143(3)Section 14ASection 43B

…R 775 as well as the judgment of KIFS Securities Ltd & Khandwala Integrated Financial Services P. Ltd, ITA Nos.643, 2717, 2882/Ahd/14, 786, 914/Ahd/16,63,1885/Ahd/17 & 932/Ahd/2014 jurisdictional High Court in the case of CIT V/s Aravali Finlease Ltd. (2012) 341 ITR 282 (Guj). 51. We have heard rival contentions and perused the records placed before us. Revenue’s grievance is against the finding of Ld. CIT(A) allowing the depreciation and insurance on the motor cars registered in the name of the Directors. It is not in dispute that the cars on which the depreciation has been claimed and insurance expenses ar…

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