CIT v. First Leasing Co. India Limited

304 ITR 67High Court2008#4497 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 366,418 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

Reliance Natural Resources Ltd, Navi Mumbai vs. Addl CIT RG 7(2), Mumbai

In the result, the appeal is allowed

ITA 847/MUM/2011[2007-08]Status: DisposedITAT Mumbai08 Jul 2016AY 2007-08

Bench: Shri Jason P. Boaz & Shri Saktijit Deyreliance Natural Resources Ltd. Addl. Cit, Range 7(2) H Block, 1St Floor, Dhirubhai Room No. 620, 6Th Floor Vs. Ambani Knowledge City Aayakar Bhavan Navi Mumbai 400710 M.K. Road, Mumbai 400020 Pan - Aabcr7656P Appellant Respondent Addl. Cit, Range 7(2) Reliance Natural Resources Ltd. Room No. 620, 6Th Floor H Block, 1St Floor, Dhirubhai Vs. Aayakar Bhavan Ambani Knowledge City M.K. Road, Mumbai 400020 Navi Mumbai 400710 Pan - Aabcr7656P Appellant Respondent

For Appellant: Shri Jitendra Sanghavi &For Respondent: Shri Jasbir Chouhan
Section 115JSection 143(3)Section 14ASection 195Section 40Section 9(1)(vii)

…taxmann.com iv) 238 (Bom) v) 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) 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 is allowed

ITA 1425/MUM/2011[2007-08]Status: DisposedITAT Mumbai08 Jul 2016AY 2007-08

Bench: Shri Jason P. Boaz & Shri Saktijit Deyreliance Natural Resources Ltd. Addl. Cit, Range 7(2) H Block, 1St Floor, Dhirubhai Room No. 620, 6Th Floor Vs. Ambani Knowledge City Aayakar Bhavan Navi Mumbai 400710 M.K. Road, Mumbai 400020 Pan - Aabcr7656P Appellant Respondent Addl. Cit, Range 7(2) Reliance Natural Resources Ltd. Room No. 620, 6Th Floor H Block, 1St Floor, Dhirubhai Vs. Aayakar Bhavan Ambani Knowledge City M.K. Road, Mumbai 400020 Navi Mumbai 400710 Pan - Aabcr7656P Appellant Respondent

For Appellant: Shri Jitendra Sanghavi &For Respondent: Shri Jasbir Chouhan
Section 115JSection 143(3)Section 14ASection 195Section 40Section 9(1)(vii)

…taxmann.com iv) 238 (Bom) v) 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) 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…

CIT Large Tax Payers Unit vs. Indian Railway Finance Corp Ltd

ITA-1189/2011HC Delhi31 Oct 2013
Section 115Section 145

…& * IN THE HIGH COURT OF DELHI AT NEW DELHI 1 Date ofdecision: 31^^ October, 2013 + ITA1189/2011 CIT LARGE TAX PAYERS UNIT ..... Appellant Through Mr. N.P. Sahni, Sr. Standing Counsel. versus INDIAN RAILWAY FINANCE CORP LTD Respondent Through Mr. S. Kirshnan, Advocate. CORAM: HON'BLE MR. JUSTICE SANJIV KHANNA HON'BLE MR. JUSTICE SANJEEV SACHDEVA SANJIV KHANNA, J. (ORAL) This appeal by the revenue pertains to assessment year 2001-02. Revenue has raised four questions in this appeal and for the sake of convenience these issues are being discussed separately:- Issue No.l Whether the lease equalisation charges can be…

CIT vs. Havells India Ltd

In the result the appeals filed by the revenue are disposed of with no

ITA/57/2012HC Delhi21 May 2012

Bench: HON'BLE MR. JUSTICE SANJIV KHANNA,HON'BLE MR. JUSTICE R.V.EASWAR

Section 195Section 260ASection 40Section 9(1)(vii)

…(i) CIT v. East India Hotels Ltd., (2001) 252 ITR 860 (Cal.) (ii) CIT v. ITC Hotels Ltd., (2011) 334 ITR 109 (Kar.) (iii) CIT v. South India Corporation (Agencies) Ltd., (2007) 290 ITR 217 (Mad.) (iv) CIT v. First Leasing Co. of India Ltd., (2008) 304 ITR 67 (Mad.) 27. In addition to the above judgments, we also have the judgment of the Rajasthan High Court (supra) against which the Special Leave Petition filed by the Revenue was dismissed. Having regard to the predominant view taken in the above judgments, in which the judgment of the Supreme Court in India Cement (supra) has been noticed,…

Commissioner of Income Tax vs. Havells India Ltd

In the result the appeals filed by the revenue are disposed of with no

ITA/55/2012HC Delhi21 May 2012
Section 195Section 201Section 260ASection 40Section 9(1)(vii)

…(i) CIT v. East India Hotels Ltd., (2001) 252 ITR 860 (Cal.) (ii) CIT v. ITC Hotels Ltd., (2011) 334 ITR 109 (Kar.) (iii) CIT v. South India Corporation (Agencies) Ltd., (2007) 290 ITR 217 (Mad.) (iv) CIT v. First Leasing Co. of India Ltd., (2008) 304 ITR 67 (Mad.) 27. In addition to the above judgments, we also have the judgment of the Rajasthan High Court (supra) against which the Special Leave Petition filed by the Revenue was dismissed. Having regard to the predominant view taken in the above judgments, in which the judgment of the Supreme Court in India Cement (supra) has been noticed,…

CIT vs. Havells India Ltd

In the result the appeals filed by the revenue are disposed of with no

ITA - 55 / 2012HC Delhi21 Apr 2012
Section 195Section 201Section 260ASection 40Section 9(1)(vii)

…(i) CIT v. East India Hotels Ltd., (2001) 252 ITR 860 (Cal.) (ii) CIT v. ITC Hotels Ltd., (2011) 334 ITR 109 (Kar.) (iii) CIT v. South India Corporation (Agencies) Ltd., (2007) 290 ITR 217 (Mad.) (iv) CIT v. First Leasing Co. of India Ltd., (2008) 304 ITR 67 (Mad.) 27. In addition to the above judgments, we also have the judgment of the Rajasthan High Court (supra) against which the Special Leave Petition filed by the Revenue was dismissed. Having regard to the predominant view taken in the above judgments, in which the judgment of the Supreme Court in India Cement (supra) has been noticed,…