CIT v. First Leasing Co. India Limited

304 ITR 67High Court2008#4504 most cited

What is CIT v. First Leasing Co. India Limited authority for?

Expenditure is allowable as revenue expenditure if it is incurred for the purposes of business.

26

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2012 to 2026.

Also referred to as

CIT v. First Leasing Co. India Limited · 304 ITR 67 · section 37(1) · revenue expenditure · business expediency · business income

Sections most often in play

Section 1961Section 14ASection 37(1)Section 147Section 195Section 40(a)(ia)Section 135 of Companies ActSection 143(3) of Income-tax Act

Issues it is cited on

interest on intereststatutory duesdisallowance under section 40(a)(ia)percentage completion methodinterest free advancesdisallowance of interest expenditurebusiness expediencysection 195principal commissioner of income-taxrevenue expendituredisallowance under section 14asection 37(1)

Judgments citing CIT v. First Leasing Co. India Limited

COUNTRY CLUB HOSPITALITY & HOLIDAYS LIMITED,HYDERABAD vs. DCIT., CIRCLE-1(1), HYDERABAD

In the result, the appeal filed by the assessee is partly allowed

ITA 1480/HYD/2025[2011-12]Status: DisposedITAT Hyderabad27 Mar 2026AY 2011-12
Section 139Section 143(2)Section 143(3)Section 147Section 148Section 149Section 250

…. CIT vs. Tumus Electric Corpn. Ltd., (1990) 49 Taxman 249 (MP) (HC) 3. CIT vs. East India Hotels Ltd., (2001) 119 Taxman 235 (Cal.) 4. CIT vs. South India Corpn. (Agencies) Ltd., (2007) 164 Taxman 249 (Mad.) 5. CIT vs. First Leasing Co. of India Ltd., (2008) 304 ITR 67 (Mad.) 6. CIT vs. Secure Meters Ltd., 321 ITR 611 7. CIT vs. ITC Hotels Ltd., 334 ITR 109 8. M/s. Crane Software International Ltd. vs. DCIT, Bangalore Order dated 08.02.2011 in ITA.Nos. 741 & 742/Bang/2010. 9. CIT vs. Havells India Ltd., 352 ITR 376 10. DCIT vs. UAG Builders (P) Ltd., Delhi (2012) 25 taxmann.com 205 (Del.) 3.1. Further he has als…

DY. COMMISSIONER OF INCOME TAX, NOIDA vs. M/S BRIGHT BUILDTECH PVT. LTD, DELHI

ITA 1244/DEL/2025[2016]Status: DisposedITAT Delhi22 Dec 2025

Bench: Shris.Rifaur Rahman & Shri Yogesh Kumar U.S.

For Appellant: Shri Rohit Kapoor, AdvocateFor Respondent: Shri Abhijeet Kumar, Sr. DR

…on'ble High Court of Gujarat in the case of Assistant Commissioner of Income-tax vs. VXL India Ltd. reported at 54taxmann.com103 (Gujarat)  Hon'ble High Court of Madras in the case of Commissioner of Income-tax vs. First Leasing Co. of India Ltd. reported at 304 ITR 67 (Madras)  Hon'ble High Court of Rajasthan in the case of Commissioner of Income- tax, Udaipur vs. Secure Meters Ltd. reported at [2008] 175 Taxman 567 (Rajasthan)  Hon'ble High Court of Kerala in the case of Apollo Tyres Ltd. vs. Assistant Commissioner of Income Tax, Central Circle-II, New Delhi reported at [2020] 122 taxmann.com 72 (Kerala)  H…

DY. COMMISSIONER OF INCOME TAX, NOIDA vs. M/S BRIGHT BUILDTECH PVT. LTD. , DELHI

ITA 1240/DEL/2025[2015]Status: DisposedITAT Delhi22 Dec 2025

Bench: Shris.Rifaur Rahman & Shri Yogesh Kumar U.S.

For Appellant: Shri Rohit Kapoor, AdvocateFor Respondent: Shri Abhijeet Kumar, Sr. DR

…on'ble High Court of Gujarat in the case of Assistant Commissioner of Income-tax vs. VXL India Ltd. reported at 54taxmann.com103 (Gujarat)  Hon'ble High Court of Madras in the case of Commissioner of Income-tax vs. First Leasing Co. of India Ltd. reported at 304 ITR 67 (Madras)  Hon'ble High Court of Rajasthan in the case of Commissioner of Income- tax, Udaipur vs. Secure Meters Ltd. reported at [2008] 175 Taxman 567 (Rajasthan)  Hon'ble High Court of Kerala in the case of Apollo Tyres Ltd. vs. Assistant Commissioner of Income Tax, Central Circle-II, New Delhi reported at [2020] 122 taxmann.com 72 (Kerala)  H…

PREETI GOYAL,NEW DELHI vs. DCIT CENTRAL CIRCLE-31, NEW DELHI

ITA 1240/DEL/2024[2021-22]Status: DisposedITAT Delhi04 Feb 2025AY 2021-22

Bench: Shris.Rifaur Rahman & Shri Yogesh Kumar U.S.

For Appellant: Shri Rohit Kapoor, AdvocateFor Respondent: Shri Abhijeet Kumar, Sr. DR

…on'ble High Court of Gujarat in the case of Assistant Commissioner of Income-tax vs. VXL India Ltd. reported at 54taxmann.com103 (Gujarat)  Hon'ble High Court of Madras in the case of Commissioner of Income-tax vs. First Leasing Co. of India Ltd. reported at 304 ITR 67 (Madras)  Hon'ble High Court of Rajasthan in the case of Commissioner of Income- tax, Udaipur vs. Secure Meters Ltd. reported at [2008] 175 Taxman 567 (Rajasthan)  Hon'ble High Court of Kerala in the case of Apollo Tyres Ltd. vs. Assistant Commissioner of Income Tax, Central Circle-II, New Delhi reported at [2020] 122 taxmann.com 72 (Kerala)  H…

DCIT, NEW DELHI vs. M/S HUDCO LTD.,, NEW DELHI

In the result, the appeal of the revenue in ITA No

ITA 3904/DEL/2015[2010-11]Status: DisposedITAT Delhi04 Nov 2024AY 2010-11

Bench: Shri M. Balaganesh & Shri Yogesh Kumar U.S.

For Appellant: Shri Gagan Kumar, AdvFor Respondent: Shri Waseem Arshad, CIT DR &
Section 143(3)

…penditure: (1) CIT v. East India Hotels Ltd. [2001] 252 ITR 860 (Cal); (ii) CIT v. ITC Hotels Ltd. [2011] 334 ITR 109 (Karn); (iii) CIT v. South India Corporation (Agencies) Ltd. [2007] 290 ITR 217 (Mad); and (iv) CIT v. First Leasing Co. of India Ltd. [2008] 304 ITR 67 (Mad). In addition to the above judgments, we also have the judgment of the Rajasthan High Court in CIT v. Secure Meters Ltd. [2010] 321 ITR 611 (Raj) against which the special leave petition filed by the Revenue was dismissed. ITA No. 3262/Del/2015 (AY: 2011-12) ITA Nos. 3904 &3905/Del/2015 HUDCO Having regard to the predominant view taken in th…

M/S. HOUSING & URBAN DEVELOPMENT CORPORATION LTD. (HUDCO),NEW DELHI vs. ADDL. CIT, NEW DELHI

In the result, the appeal of the revenue in ITA No

ITA 3261/DEL/2015[2010-11]Status: DisposedITAT Delhi04 Nov 2024AY 2010-11

Bench: Shri M. Balaganesh & Shri Yogesh Kumar U.S.

For Appellant: Shri Gagan Kumar, AdvFor Respondent: Shri Waseem Arshad, CIT DR &
Section 143(3)

…penditure: (1) CIT v. East India Hotels Ltd. [2001] 252 ITR 860 (Cal); (ii) CIT v. ITC Hotels Ltd. [2011] 334 ITR 109 (Karn); (iii) CIT v. South India Corporation (Agencies) Ltd. [2007] 290 ITR 217 (Mad); and (iv) CIT v. First Leasing Co. of India Ltd. [2008] 304 ITR 67 (Mad). In addition to the above judgments, we also have the judgment of the Rajasthan High Court in CIT v. Secure Meters Ltd. [2010] 321 ITR 611 (Raj) against which the special leave petition filed by the Revenue was dismissed. ITA No. 3262/Del/2015 (AY: 2011-12) ITA Nos. 3904 &3905/Del/2015 HUDCO Having regard to the predominant view taken in th…

DCIT, NEW DELHI vs. M/S. CITI FINANCIAL COSUMER FINANCE INDIA LTD.,, NEW DELHI

In the result, appeal filed by Revenue is dismissed

ITA 3118/DEL/2016[2010-11]Status: DisposedITAT Delhi29 Jul 2019AY 2010-11

Bench: Shri H.S. Sidhu & Shri Anadee Nath Misshra

For Appellant: Shri Gaurav Gupta, AdvFor Respondent: Shri S.S. Rana, CIT(DR)
Section 143(3)

…860 (Cal); CIT Vs. Mahindra Ugine and Steel Co. Ltd., 250 ITR 84 (Bom),Premier Automobiles Ltd. Vs. CIT 80 ITR 415 (Bom); CIT Vs. OL: 218 CTR 165 (Guj); CIT Vs. South India Corpn. (Agencies) Ltd., 290 ITR 217 (Mad) and CIT Vs. First Leasing Co. of India Ltd., 304 ITR 67 (Mad).It was further pointed out that deferment of issue expenses in the books would not lead to the conclusion that the expenditure is not revenue in nature. In support, the assessee relied upon the decisions in Kedarnath Jute Mfg. Co. Ltd. Vs. CIT (Central)(1971), 82 ITR 363(SC); Sutlej cotton Mills Ltd. Vs. CIT 116 ITR (SC); and CIT Vs. Messrs.…

MOSERBAER INDIA LTD.,NEW DELHI vs. DCIT, NEW DELHI

Appeal is dismissed

ITA 1617/DEL/2015[2010-11]Status: DisposedITAT Delhi03 Oct 2018AY 2010-11

Bench: Shri N. K. Saini & Ms Suchitra Kamblemoserbaer India Ltd. Vs Assistant Commissioner Of Tax, 43-A, Okhla Indl Area, Income Tax Phase-Iii Circle 5(1) New Delhi-110020 New Delhi Aaam0322J (Respondent) (Appellant) Moserbaer India Ltd. Vs Assistant Commissioner Of Tax, 43-A, Okhla Indl Area, Income Tax Phase-Iii Circle 5(1) New Delhi-110020 New Delhi Aaam0322J (Respondent) (Appellant) Astt. Commissioner Of Income Tax Vs Moserbaer India Ltd. Circle 5(1) Tax, 43-A, Okhla Indl Area, New Delhi Phase-Iii New Delhi-110020 (Appellant) Aaam0322J (Respondent) Moserbaer India Ltd. Vs Dcit Tax, 43-A, Okhla Indl Area, Circle 17(1) Phase-Iii New Delhi New Delhi-110020 (Respondent) Aaam0322J (Appellant)

Section 10BSection 143Section 144CSection 14A

…bentures are to be converted in near future into equity shares. The Ld. AR relied upon the following decisions: • CIT vs. Secure Meters Limited: 321 ITR 611 (Rajasthan High Court) - SLP dismissed in CC No.10548/ 2009 • CIT vs. First Leasing Co. India Limited: 304 ITR 67 (Madras High Court) • CIT vs. Southern Petrochemical Industries Corporation Limited: 311 ITR 202 (Madras High Court) • CIT vs. ITC Hotels Limited: 334 ITR 109 (Karnataka High Court) • CIT vs. Sukhjit Starch & Chemicals Limited: 326 ITR 29 (Punjab & Haryana High Court) • Mahindra & Mahindra Limited Vs JCIT: 36 SOT 348 (Mumbai ITAT) • CIT vs. Relian…

M/S. MOSERBAER INDIA LTD.,NEW DELHI vs. ACIT, NEW DELHI

Appeal is dismissed

ITA 2395/DEL/2014[2009-10]Status: DisposedITAT Delhi03 Oct 2018AY 2009-10

Bench: Shri N. K. Saini & Ms Suchitra Kamblemoserbaer India Ltd. Vs Assistant Commissioner Of Tax, 43-A, Okhla Indl Area, Income Tax Phase-Iii Circle 5(1) New Delhi-110020 New Delhi Aaam0322J (Respondent) (Appellant) Moserbaer India Ltd. Vs Assistant Commissioner Of Tax, 43-A, Okhla Indl Area, Income Tax Phase-Iii Circle 5(1) New Delhi-110020 New Delhi Aaam0322J (Respondent) (Appellant) Astt. Commissioner Of Income Tax Vs Moserbaer India Ltd. Circle 5(1) Tax, 43-A, Okhla Indl Area, New Delhi Phase-Iii New Delhi-110020 (Appellant) Aaam0322J (Respondent) Moserbaer India Ltd. Vs Dcit Tax, 43-A, Okhla Indl Area, Circle 17(1) Phase-Iii New Delhi New Delhi-110020 (Respondent) Aaam0322J (Appellant)

Section 10BSection 143Section 144CSection 14A

…bentures are to be converted in near future into equity shares. The Ld. AR relied upon the following decisions: • CIT vs. Secure Meters Limited: 321 ITR 611 (Rajasthan High Court) - SLP dismissed in CC No.10548/ 2009 • CIT vs. First Leasing Co. India Limited: 304 ITR 67 (Madras High Court) • CIT vs. Southern Petrochemical Industries Corporation Limited: 311 ITR 202 (Madras High Court) • CIT vs. ITC Hotels Limited: 334 ITR 109 (Karnataka High Court) • CIT vs. Sukhjit Starch & Chemicals Limited: 326 ITR 29 (Punjab & Haryana High Court) • Mahindra & Mahindra Limited Vs JCIT: 36 SOT 348 (Mumbai ITAT) • CIT vs. Relian…

ACIT, NEW DELHI vs. M/S. MOSER BAER INDIA LIMITED, NEW DELHI

Appeal is dismissed

ITA 1200/DEL/2014[2009-10]Status: DisposedITAT Delhi03 Oct 2018AY 2009-10

Bench: Shri N. K. Saini & Ms Suchitra Kamblemoserbaer India Ltd. Vs Assistant Commissioner Of Tax, 43-A, Okhla Indl Area, Income Tax Phase-Iii Circle 5(1) New Delhi-110020 New Delhi Aaam0322J (Respondent) (Appellant) Moserbaer India Ltd. Vs Assistant Commissioner Of Tax, 43-A, Okhla Indl Area, Income Tax Phase-Iii Circle 5(1) New Delhi-110020 New Delhi Aaam0322J (Respondent) (Appellant) Astt. Commissioner Of Income Tax Vs Moserbaer India Ltd. Circle 5(1) Tax, 43-A, Okhla Indl Area, New Delhi Phase-Iii New Delhi-110020 (Appellant) Aaam0322J (Respondent) Moserbaer India Ltd. Vs Dcit Tax, 43-A, Okhla Indl Area, Circle 17(1) Phase-Iii New Delhi New Delhi-110020 (Respondent) Aaam0322J (Appellant)

Section 10BSection 143Section 144CSection 14A

…bentures are to be converted in near future into equity shares. The Ld. AR relied upon the following decisions: • CIT vs. Secure Meters Limited: 321 ITR 611 (Rajasthan High Court) - SLP dismissed in CC No.10548/ 2009 • CIT vs. First Leasing Co. India Limited: 304 ITR 67 (Madras High Court) • CIT vs. Southern Petrochemical Industries Corporation Limited: 311 ITR 202 (Madras High Court) • CIT vs. ITC Hotels Limited: 334 ITR 109 (Karnataka High Court) • CIT vs. Sukhjit Starch & Chemicals Limited: 326 ITR 29 (Punjab & Haryana High Court) • Mahindra & Mahindra Limited Vs JCIT: 36 SOT 348 (Mumbai ITAT) • CIT vs. Relian…

MOSERBAER INDIA LTD.,NEW DELHI vs. ACIT, NEW DELHI

Appeal is dismissed

ITA 6042/DEL/2012[2008-09]Status: DisposedITAT Delhi03 Oct 2018AY 2008-09

Bench: Shri N. K. Saini & Ms Suchitra Kamblemoserbaer India Ltd. Vs Assistant Commissioner Of Tax, 43-A, Okhla Indl Area, Income Tax Phase-Iii Circle 5(1) New Delhi-110020 New Delhi Aaam0322J (Respondent) (Appellant) Moserbaer India Ltd. Vs Assistant Commissioner Of Tax, 43-A, Okhla Indl Area, Income Tax Phase-Iii Circle 5(1) New Delhi-110020 New Delhi Aaam0322J (Respondent) (Appellant) Astt. Commissioner Of Income Tax Vs Moserbaer India Ltd. Circle 5(1) Tax, 43-A, Okhla Indl Area, New Delhi Phase-Iii New Delhi-110020 (Appellant) Aaam0322J (Respondent) Moserbaer India Ltd. Vs Dcit Tax, 43-A, Okhla Indl Area, Circle 17(1) Phase-Iii New Delhi New Delhi-110020 (Respondent) Aaam0322J (Appellant)

Section 10BSection 143Section 144CSection 14A

…bentures are to be converted in near future into equity shares. The Ld. AR relied upon the following decisions: • CIT vs. Secure Meters Limited: 321 ITR 611 (Rajasthan High Court) - SLP dismissed in CC No.10548/ 2009 • CIT vs. First Leasing Co. India Limited: 304 ITR 67 (Madras High Court) • CIT vs. Southern Petrochemical Industries Corporation Limited: 311 ITR 202 (Madras High Court) • CIT vs. ITC Hotels Limited: 334 ITR 109 (Karnataka High Court) • CIT vs. Sukhjit Starch & Chemicals Limited: 326 ITR 29 (Punjab & Haryana High Court) • Mahindra & Mahindra Limited Vs JCIT: 36 SOT 348 (Mumbai ITAT) • CIT vs. Relian…

M/S COUNTRY CLUB INDIA LIMITED,HYDERABAD vs. DCIT, CIRCLE-3(2), HYDERABAD, HYDERABAD

In the result, the grounds of the appeal of the assessee on this issue are allowed

ITA 1714/HYD/2014[2010-11]Status: DisposedITAT Hyderabad22 May 2018AY 2010-11

Bench: Smt. P. Madhavi Devi & Shri S.Rifaur Rahmancountry Club Hospitality & Vs Dy. Commissioner Of Income Holidays Ltd (Formerly Tax, Circle 3 (2) Known As Country Club Hyderabad India Ltd) Hyderabad Pan: Aaacc8276B (Appellant) (Respondent)

For Appellant: Shri P. Murali Mohan RaoFor Respondent: Dr. K. Srinivas Reddy, DR
Section 143(3)Section 40A(3)

…. CIT vs. Tumus Electric Corpn. Ltd., (1990) 49 Taxman 249 (MP) (HC) 3. CIT vs. East India Hotels Ltd., (2001) 119 Taxman 235 (Cal.) 4. CIT vs. South India Corpn. (Agencies) Ltd., (2007) 164 Taxman 249 (Mad.) 5. CIT vs. First Leasing Co. of India Ltd., (2008) 304 ITR 67 (Mad.) 6. CIT vs. Secure Meters Ltd., 321 ITR 611 7. CIT vs. ITC Hotels Ltd., 334 ITR 109 8. M/s. Crane Software International Ltd. vs. DCIT, Bangalore Order dated 08.02.2011 in ITA.Nos. 741 & 742/Bang/2010. 9. CIT vs. Havells India Ltd., 352 ITR 376 Page 14 of 18 ITA No 1714 of 2014 Country Club India Ltd Hyderabad. 10. DCIT vs. UAG Builders…

DY.CIT, CIR-1(2), HYDERABAD vs. M/S CUNTRY CLUB (I) LIMITED,, HYDERABAD

In the result, the grounds of the appeal of the assessee on this issue are allowed

ITA 1735/HYD/2012[2009-10]Status: DisposedITAT Hyderabad22 May 2018AY 2009-10

Bench: Smt. P. Madhavi Devi & Shri S. Rifaur Rahmanassessment Year: 2009-10 M/S Country Club Vs. Asst. Cit, Circle-1(2), Hospitality & Holidays Ltd., Hyderabad. (Formerly Known As Country Club India Ltd.,) Hyderabad.

For Appellant: Shri P. Murali Mohan RaoFor Respondent: Dr. K. Srinivas Reddy
Section 40Section 40A(3)Section 43B

…IT vs. Tumus Electric Corpn. Ltd., (1990) 49 Taxman 249 (MP) (HC) 3. CIT vs. East India Hotels Ltd., (2001) 119 Taxman 235 (Cal.) 4. CIT vs. South India Corpn. (Agencies) Ltd., (2007) 164 Taxman 249 (Mad.) 5. CIT vs. First Leasing Co. of India Ltd., (2008) 304 ITR 67 (Mad.) 6. CIT vs. Secure Meters Ltd., 321 ITR 611 7. CIT vs. ITC Hotels Ltd., 334 ITR 109 8. M/s. Crane Software International Ltd. vs. DCIT, Bangalore Order dated 08.02.2011 in ITA.Nos. 741 & 742/Bang/2010. 9. CIT vs. Havells India Ltd., 352 ITR 376 10. DCIT vs. UAG Builders (P) Ltd., Delhi (2012) 25 taxmann.com 205 (Del.) 27 ITA.Nos.1689 &…

M/S. COUNTRY CLUB INDIA LTD.,,HYDERABAD vs. ACIT, CIRCLE-1(2), HYDERABAD

In the result, the grounds of the appeal of the assessee on this issue are allowed

ITA 1689/HYD/2012[2009-10]Status: DisposedITAT Hyderabad22 May 2018AY 2009-10

Bench: Smt. P. Madhavi Devi & Shri S. Rifaur Rahmanassessment Year: 2009-10 M/S Country Club Vs. Asst. Cit, Circle-1(2), Hospitality & Holidays Ltd., Hyderabad. (Formerly Known As Country Club India Ltd.,) Hyderabad.

For Appellant: Shri P. Murali Mohan RaoFor Respondent: Dr. K. Srinivas Reddy
Section 40Section 40A(3)Section 43B

…IT vs. Tumus Electric Corpn. Ltd., (1990) 49 Taxman 249 (MP) (HC) 3. CIT vs. East India Hotels Ltd., (2001) 119 Taxman 235 (Cal.) 4. CIT vs. South India Corpn. (Agencies) Ltd., (2007) 164 Taxman 249 (Mad.) 5. CIT vs. First Leasing Co. of India Ltd., (2008) 304 ITR 67 (Mad.) 6. CIT vs. Secure Meters Ltd., 321 ITR 611 7. CIT vs. ITC Hotels Ltd., 334 ITR 109 8. M/s. Crane Software International Ltd. vs. DCIT, Bangalore Order dated 08.02.2011 in ITA.Nos. 741 & 742/Bang/2010. 9. CIT vs. Havells India Ltd., 352 ITR 376 10. DCIT vs. UAG Builders (P) Ltd., Delhi (2012) 25 taxmann.com 205 (Del.) 27 ITA.Nos.1689 &…

ASHOK LEYLAND LTD.,CHENNAI vs. DCIT, CHENNAI

In the result, the appeal of the Revenue in ITA

ITA 2834/CHNY/2014[1995-96]Status: DisposedITAT Chennai23 Sept 2016AY 1995-96

Bench: Shri Chandra Poojari & Shri G. Pavan Kumarआयकर अपील सं./I.T.A. Nos.2825, 2826 & 2827/Mds/2014 "नधा"रण वष" /Assessment Years : 2005-06, 2006-07 & 2007-2008. The Deputy Commissioner Of M/S. Ashok Leyland Ltd, Income Tax, Vs. No.1, Sardar Patel Road, Large Taxpayer Unit -Ii, Guindy, Chennai 600 101. Chennai 600 032. [Pan Aaaca 4651L] (Department) (Assessee )

For Appellant: Shri. Vikram Vijayaraghavan, AdvocateFor Respondent: Shri. Arun C. Bharath, IRS, CIT
Section 35D(2)Section 35D(2)(c)

…fore Tribunal. 8.3 We heard both sides, perused the material on record and judicial decision cited. This issue came for consideration in following cases:- (i) CIT vs. South India Corpn. (Agencies) Ltd 290 ITR 217. (ii) CIT vs. First Leasing Co. of India Ltd 304 ITR 67. (iii) CIT vs. Secure Meters Ltd 321 ITR 611. ITA Nos.2825 to 2827, 2834 :- 23 -: to 2839/Mds/2014. In all these judgments wherein held that expenditure incurred on issue of debentures whether convertible or non convertible is allowable as Revenue expenditure. Being so, even foreign currency loan is subject to conversion into equity also, the iss…

DCIT, CHENNAI vs. ASHOK LEYLAND LTD., CHENNAI

In the result, the appeal of the Revenue in ITA

ITA 2827/CHNY/2014[2007-08]Status: DisposedITAT Chennai23 Sept 2016AY 2007-08

Bench: Shri Chandra Poojari & Shri G. Pavan Kumarआयकर अपील सं./I.T.A. Nos.2825, 2826 & 2827/Mds/2014 "नधा"रण वष" /Assessment Years : 2005-06, 2006-07 & 2007-2008. The Deputy Commissioner Of M/S. Ashok Leyland Ltd, Income Tax, Vs. No.1, Sardar Patel Road, Large Taxpayer Unit -Ii, Guindy, Chennai 600 101. Chennai 600 032. [Pan Aaaca 4651L] (Department) (Assessee )

For Appellant: Shri. Vikram Vijayaraghavan, AdvocateFor Respondent: Shri. Arun C. Bharath, IRS, CIT
Section 35D(2)Section 35D(2)(c)

…fore Tribunal. 8.3 We heard both sides, perused the material on record and judicial decision cited. This issue came for consideration in following cases:- (i) CIT vs. South India Corpn. (Agencies) Ltd 290 ITR 217. (ii) CIT vs. First Leasing Co. of India Ltd 304 ITR 67. (iii) CIT vs. Secure Meters Ltd 321 ITR 611. ITA Nos.2825 to 2827, 2834 :- 23 -: to 2839/Mds/2014. In all these judgments wherein held that expenditure incurred on issue of debentures whether convertible or non convertible is allowable as Revenue expenditure. Being so, even foreign currency loan is subject to conversion into equity also, the iss…

DCIT, CHENNAI vs. ASHOK LEYLAND LTD., CHENNAI

In the result, the appeal of the Revenue in ITA

ITA 2825/CHNY/2014[2005-06]Status: DisposedITAT Chennai23 Sept 2016AY 2005-06

Bench: Shri Chandra Poojari & Shri G. Pavan Kumarआयकर अपील सं./I.T.A. Nos.2825, 2826 & 2827/Mds/2014 "नधा"रण वष" /Assessment Years : 2005-06, 2006-07 & 2007-2008. The Deputy Commissioner Of M/S. Ashok Leyland Ltd, Income Tax, Vs. No.1, Sardar Patel Road, Large Taxpayer Unit -Ii, Guindy, Chennai 600 101. Chennai 600 032. [Pan Aaaca 4651L] (Department) (Assessee )

For Appellant: Shri. Vikram Vijayaraghavan, AdvocateFor Respondent: Shri. Arun C. Bharath, IRS, CIT
Section 35D(2)Section 35D(2)(c)

…fore Tribunal. 8.3 We heard both sides, perused the material on record and judicial decision cited. This issue came for consideration in following cases:- (i) CIT vs. South India Corpn. (Agencies) Ltd 290 ITR 217. (ii) CIT vs. First Leasing Co. of India Ltd 304 ITR 67. (iii) CIT vs. Secure Meters Ltd 321 ITR 611. ITA Nos.2825 to 2827, 2834 :- 23 -: to 2839/Mds/2014. In all these judgments wherein held that expenditure incurred on issue of debentures whether convertible or non convertible is allowable as Revenue expenditure. Being so, even foreign currency loan is subject to conversion into equity also, the iss…

HINDUSTAN MOTORS LIMITED,KOLKATA vs. D.C.I.T.,CIRCLE-6, KOLKATA, KOLKATA

In the result, the appeal filed by the assessee is allowed

ITA 2644/KOL/2013[1999-2000]Status: DisposedITAT Kolkata21 Sept 2016AY 1999-2000

Bench: Shri M.Balaganesh & Shri S.S.Viswanethra Ravi

Section 143(2)Section 147Section 350Section 35D

…against profits of the year as under :- (i) India Cements Ltd Vs. CIT - 60 ITR 52 ( SC) (ii) CIT Vs East India Hotels Ltd - 252 ITR 860 ( Cal) (iii) CIT Vs. South India Corpn. ( Agencies) Ltd - 290 ITR 217 ( Mad) (iv) CIT Vs. First Leasing Co. of India Ltd - 304 ITR 67 ( Mad) (v) CIT Vs. Thirani Chemicals Ltd - 290 ITR 196 ( Del) (vi) CIT Vs. Office of the Official Liquidator- 3161TR 181 (Guj). (vii) CIT vs. Mahindra Ugine & Steel Co. Ltd - 250 ITR 696 ( Mum). It is respectfully submitted that action of the AO in disallowing the debenture issue expenditure of Rs. 2,40,88,9641- should be deleted. 5. The CIT-A wa…

RELIANCE NATURAL RESOURCES LTD,NAVI MUMBAI vs. ADDL CIT RG 7(2), MUMBAI

In the result, the appeal of the assessee is partly allowed

ITA 6843/MUM/2012[208-09]Status: DisposedITAT Mumbai24 Aug 2016

Bench: Shri G.S.Pannu & Shri Ravish Soodthe Dcit -7(2), Aaykar Bhavan,M.K.Road, Mumbai 400 020 ..... Appellant Vs. M/S. Reliance Natural Resources Ltd. H-Block, 1St Floor, Dhirubhai Ambani Knowledge City, Thane-Belapur Road, Koperkhairane, Navi Mumbai 400 710 Pan:Aabcr 7656P .... Respondent [ M/S. Reliance Natural Resources Ltd. H-Block, 1St Floor, Dhirubhai Ambani Knowledge City, Thane-Belapur Road, Koperkhairane, Navi Mumbai 400 710 Pan:Aabcr 7656P ... Appellant Vs. The Addl.Cit -7(2), Aaykar Bhavan,M.K.Road, Mumbai 400 020 .... Respondent Revenue By : Shri Jasbir Chouhan Assessee By : S/Shri Jitendra Sanghavi/ Deepak Jain Date Of Hearing : 17/8/2016 Date Of Pronouncement : 24/08/2016 (Assessment Year : 2008-09) Order Per G.S.Pannu,A.M:

For Appellant: S/Shri Jitendra Sanghavi/ Deepak JainFor Respondent: Shri Jasbir Chouhan
Section 143(3)Section 195Section 37(1)Section 40

…CIT vs. ITC Hotels Ltd. (2011) 334 ITR 198 (Kar) vi) CIT vs. South India Corpn. (Agencies) Ltd. (2007) 290 ITR 217 (Mad) vii) CIT vs. Havells India Ltd. (2013) 352 ITR 376 (Del) (Assessment Year : 2008-09) viii) CIT vs. First Leasing Co. of India Ltd. (2008) 304 ITR 67 (Mad) ix) Gati Limited (ITA No. 749/Hyd/2012 dated 04.01.2013) x) Gati Limited (ITA No. 1325/Hyd/2015 dated 10.03.2016) 11.4.1 We have heard the rival contentions of both the parties and perused and carefully considered the material on record, including the judicial pronouncement cited. We find that similar issue of treatment of expenses incurred…

ADDL CIT 7(2), MUMBAI vs. RELIANCE NATURAL RESOURCES LTD, NAVI MUMBAI

In the result, the appeal of the assessee is partly allowed

ITA 6711/MUM/2012[2008-09]Status: DisposedITAT Mumbai24 Aug 2016AY 2008-09

Bench: Shri G.S.Pannu & Shri Ravish Soodthe Dcit -7(2), Aaykar Bhavan,M.K.Road, Mumbai 400 020 ..... Appellant Vs. M/S. Reliance Natural Resources Ltd. H-Block, 1St Floor, Dhirubhai Ambani Knowledge City, Thane-Belapur Road, Koperkhairane, Navi Mumbai 400 710 Pan:Aabcr 7656P .... Respondent [ M/S. Reliance Natural Resources Ltd. H-Block, 1St Floor, Dhirubhai Ambani Knowledge City, Thane-Belapur Road, Koperkhairane, Navi Mumbai 400 710 Pan:Aabcr 7656P ... Appellant Vs. The Addl.Cit -7(2), Aaykar Bhavan,M.K.Road, Mumbai 400 020 .... Respondent Revenue By : Shri Jasbir Chouhan Assessee By : S/Shri Jitendra Sanghavi/ Deepak Jain Date Of Hearing : 17/8/2016 Date Of Pronouncement : 24/08/2016 (Assessment Year : 2008-09) Order Per G.S.Pannu,A.M:

For Appellant: S/Shri Jitendra Sanghavi/ Deepak JainFor Respondent: Shri Jasbir Chouhan
Section 143(3)Section 195Section 37(1)Section 40

…CIT vs. ITC Hotels Ltd. (2011) 334 ITR 198 (Kar) vi) CIT vs. South India Corpn. (Agencies) Ltd. (2007) 290 ITR 217 (Mad) vii) CIT vs. Havells India Ltd. (2013) 352 ITR 376 (Del) (Assessment Year : 2008-09) viii) CIT vs. First Leasing Co. of India Ltd. (2008) 304 ITR 67 (Mad) ix) Gati Limited (ITA No. 749/Hyd/2012 dated 04.01.2013) x) Gati Limited (ITA No. 1325/Hyd/2015 dated 10.03.2016) 11.4.1 We have heard the rival contentions of both the parties and perused and carefully considered the material on record, including the judicial pronouncement cited. We find that similar issue of treatment of expenses incurred…

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CIT v. First Leasing Co. India Limited (304 ITR 67) — Cited in 26 Judgments | BharatTax