CIT v. First Leasing Company of India Ltd.

292 ITR 110High Court2007#9646 most cited

What is CIT v. First Leasing Company of India Ltd. authority for?

Expenditure incurred for restoration of damages at the time of removal of structures, if not covered by any clause of the agreement, cannot be disallowed without a scientific basis for estimation.

11

judgments rely on this decision, according to BharatTax’s citation analysis of 366,005 Indian tax judgments — from 2017 to 2023.

Also referred to as

CIT v First Leasing Company of India Ltd · 292 ITR 110 · expenditure · restoration of damage · removal of structures · licence agreement · scientific basis · estimation · disallowance

Issues it is cited on

buyback of shareswaiver of loansection 145(1)section 43asection 28(iv)section 145(2)section 35dsection 43(1)section 271(l)(c)written down valuesection 41(1)rule of consistency

Judgments citing CIT v. First Leasing Company of India Ltd.

Vodafone Essar Ltd., Mumbai vs. Addl. CIT, Chandigarh

ITA 216/CHANDI/2011[2006-07]Status: DisposedITAT Mumbai16 Mar 2023AY 2006-07

Bench: Shri Vikas Awasthy & Shri M. Balaganeshआअसं. 216/ चंडी/2011 (िन.व. 2006-07) आअसं. 1173/चांडी /2011 (िन.व. 2007-08) Vodafone India Ltd. (Formerly Known As ‘ Vodafone Essar Limited’) Peninsula Corporate Park, Ganpatrao Kadam Marg, Lower Parel, Mumbai – 400 013. ...... अपीलाथ"/Appellant Pan:Aaach-5332-B बनाम Vs. Additional Commissioner Of Income Tax, Range -1, ..... ""तवाद"/Respondent Chandigarh. अपीलाथ" "वारा/ Appellant By : Shri Salil Kapoor With S/Shri Vibhu Jain & Ninad Patade ""तवाद" "वारा/Respondent By : Shri Anand Mohan

For Appellant: Shri Salil Kapoor with S/Shri Vibhu Jain and Ninad PatadeFor Respondent: Shri Anand Mohan
Section 115JSection 144C(13)Section 14ASection 234BSection 271(1)(c)Section 40Section 80I

….Counsel for the assessee placed reliance on the following decisions: (i) Madras Industrial Investment Corporation Ltd. vs. CIT, 225 ITR 802 (SC) (ii)Hindustan Aluminum Corporation vs. CIT, 144 ITR 474 (Cal). (iii)First Leasing Company of India Ltd. vs. CIT, 292 ITR 110 (Mad) 11. Per contra, the ld. Departmental Representative vehemently supported the findings of Assessing Officer on this issue. The ld. Departmental Representative countering the proposition to treat the expenditure as revenue submits that no scientific basis of estimating / creating provision is given by the assessee. The ld. Departmental Repres…

M/S Vodafone Essar Ltd., Mumbai vs. Addl. CIT, Chandigarh

ITA 1173/CHANDI/2011[2007-08]Status: DisposedITAT Mumbai16 Mar 2023AY 2007-08

Bench: Shri Vikas Awasthy & Shri M. Balaganeshआअसं. 216/ चंडी/2011 (िन.व. 2006-07) आअसं. 1173/चांडी /2011 (िन.व. 2007-08) Vodafone India Ltd. (Formerly Known As ‘ Vodafone Essar Limited’) Peninsula Corporate Park, Ganpatrao Kadam Marg, Lower Parel, Mumbai – 400 013. ...... अपीलाथ"/Appellant Pan:Aaach-5332-B बनाम Vs. Additional Commissioner Of Income Tax, Range -1, ..... ""तवाद"/Respondent Chandigarh. अपीलाथ" "वारा/ Appellant By : Shri Salil Kapoor With S/Shri Vibhu Jain & Ninad Patade ""तवाद" "वारा/Respondent By : Shri Anand Mohan

For Appellant: Shri Salil Kapoor with S/Shri Vibhu Jain and Ninad PatadeFor Respondent: Shri Anand Mohan
Section 115JSection 144C(13)Section 14ASection 234BSection 271(1)(c)Section 40Section 80I

….Counsel for the assessee placed reliance on the following decisions: (i) Madras Industrial Investment Corporation Ltd. vs. CIT, 225 ITR 802 (SC) (ii)Hindustan Aluminum Corporation vs. CIT, 144 ITR 474 (Cal). (iii)First Leasing Company of India Ltd. vs. CIT, 292 ITR 110 (Mad) 11. Per contra, the ld. Departmental Representative vehemently supported the findings of Assessing Officer on this issue. The ld. Departmental Representative countering the proposition to treat the expenditure as revenue submits that no scientific basis of estimating / creating provision is given by the assessee. The ld. Departmental Repres…

DCIT, New Delhi vs. M/S. Paramount Communication Pvt. Ltd., New Delhi

In the result, ITA No.767/Del/2014 is partly allowed,

ITA 2288/DEL/2017[2010-11]Status: DisposedITAT Delhi15 Jun 2021AY 2010-11

Bench: Shri R.K. Panda & Ms. Suchitra Kamble[Assessment Year: 2009-10]

Section 43A

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH, ‘F’: NEW DELHI (Through Video Conferencing) BEFORE SHRI R.K. PANDA, ACCOUNTANT MEMBER AND MS. SUCHITRA KAMBLE, JUDICIAL MEMBER [Assessment Year: 2009-10] M/s Paramount Dy. Commissioner of Income Communications Ltd. Tax, C-125, Paramount House, Circle-14(1), Naraina INdl. Area, Phase-I, New Delhi New Delhi-110028 PAN-AAACP0969Q Assessee Revenue [Assessment Year: 2010-11] M/s Paramount Dy. Commissioner of Income Communications Ltd. Tax, C-125, Paramount House, Circle-14(1), Naraina INdl. Area, Phase-I, New Delhi New Delhi-110028 PAN-AAACP0969Q Assessee Revenue [A…

Paramount Communications Ltd., New Delhi vs. DCIT, New Delhi

In the result, ITA No.767/Del/2014 is partly allowed,

ITA 1378/DEL/2017[2010-11]Status: DisposedITAT Delhi15 Jun 2021AY 2010-11

Bench: Shri R.K. Panda & Ms. Suchitra Kamble[Assessment Year: 2009-10]

Section 43A

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH, ‘F’: NEW DELHI (Through Video Conferencing) BEFORE SHRI R.K. PANDA, ACCOUNTANT MEMBER AND MS. SUCHITRA KAMBLE, JUDICIAL MEMBER [Assessment Year: 2009-10] M/s Paramount Dy. Commissioner of Income Communications Ltd. Tax, C-125, Paramount House, Circle-14(1), Naraina INdl. Area, Phase-I, New Delhi New Delhi-110028 PAN-AAACP0969Q Assessee Revenue [Assessment Year: 2010-11] M/s Paramount Dy. Commissioner of Income Communications Ltd. Tax, C-125, Paramount House, Circle-14(1), Naraina INdl. Area, Phase-I, New Delhi New Delhi-110028 PAN-AAACP0969Q Assessee Revenue [A…

M/S. Paramount Communictions Ltd., New Delhi vs. DCIT, New Delhi

In the result, ITA No.767/Del/2014 is partly allowed,

ITA 767/DEL/2014[2009-10]Status: DisposedITAT Delhi15 Jun 2021AY 2009-10

Bench: Shri R.K. Panda & Ms. Suchitra Kamble[Assessment Year: 2009-10]

Section 43A

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH, ‘F’: NEW DELHI (Through Video Conferencing) BEFORE SHRI R.K. PANDA, ACCOUNTANT MEMBER AND MS. SUCHITRA KAMBLE, JUDICIAL MEMBER [Assessment Year: 2009-10] M/s Paramount Dy. Commissioner of Income Communications Ltd. Tax, C-125, Paramount House, Circle-14(1), Naraina INdl. Area, Phase-I, New Delhi New Delhi-110028 PAN-AAACP0969Q Assessee Revenue [Assessment Year: 2010-11] M/s Paramount Dy. Commissioner of Income Communications Ltd. Tax, C-125, Paramount House, Circle-14(1), Naraina INdl. Area, Phase-I, New Delhi New Delhi-110028 PAN-AAACP0969Q Assessee Revenue [A…

ACIT, Chennai vs. M/S. Bhavani Distilleries & Chemicals Ltd., Chennai

In the result the Revenue’s appeal in ITA No

ITA 3055/CHNY/2016[2012-13]Status: DisposedITAT Chennai14 Nov 2017AY 2012-13

Bench: Shri A.Mohan Alankamony & Shri Duvvuru Rl Reddy

Section 40

…f the Act will be applicable and therefore disallowed the entire expenditure claimed by the assessee. On appeal, the Ld.CIT(A) relying on the decision of the Hon’ble Jurisdictional High Court in the case CIT vs First Leasing Company of India Ltd reported in 292 ITR 110, the decision of the Hon’ble Apex Court in the case Madras Industrial Corporation Ltd., vs. CIT reported in 225 ITR 802, the decision in the case National Engineering Industries Ltd vs. CIT reported in 236 ITR 557 held that there is no distinction between the discount on debentures and premium on debentures and further relying on the circular…

JCIT (OSD), Chennai vs. Bhavani Distilleries & Chemicals Pvt Ltd., Chennai

In the result the Revenue’s appeal in ITA No

ITA 1571/CHNY/2016[2011-12]Status: DisposedITAT Chennai14 Nov 2017AY 2011-12

Bench: Shri A.Mohan Alankamony & Shri Duvvuru Rl Reddy

Section 40

…f the Act will be applicable and therefore disallowed the entire expenditure claimed by the assessee. On appeal, the Ld.CIT(A) relying on the decision of the Hon’ble Jurisdictional High Court in the case CIT vs First Leasing Company of India Ltd reported in 292 ITR 110, the decision of the Hon’ble Apex Court in the case Madras Industrial Corporation Ltd., vs. CIT reported in 225 ITR 802, the decision in the case National Engineering Industries Ltd vs. CIT reported in 236 ITR 557 held that there is no distinction between the discount on debentures and premium on debentures and further relying on the circular…

ACIT, Chennai vs. Bhavani Distilleries and Chemicals Ltd., Chennai

In the result the Revenue’s appeal in ITA No

ITA 1584/CHNY/2014[2009-10]Status: DisposedITAT Chennai14 Nov 2017AY 2009-10

Bench: Shri A.Mohan Alankamony & Shri Duvvuru Rl Reddy

Section 40

…f the Act will be applicable and therefore disallowed the entire expenditure claimed by the assessee. On appeal, the Ld.CIT(A) relying on the decision of the Hon’ble Jurisdictional High Court in the case CIT vs First Leasing Company of India Ltd reported in 292 ITR 110, the decision of the Hon’ble Apex Court in the case Madras Industrial Corporation Ltd., vs. CIT reported in 225 ITR 802, the decision in the case National Engineering Industries Ltd vs. CIT reported in 236 ITR 557 held that there is no distinction between the discount on debentures and premium on debentures and further relying on the circular…

ACIT, Chennai vs. M/S. Bhavani Distilleries and Chemicals Limited, Chennai

In the result the Revenue’s appeal in ITA No

ITA 68/CHNY/2012[2008-09]Status: DisposedITAT Chennai14 Nov 2017AY 2008-09

Bench: Shri A.Mohan Alankamony & Shri Duvvuru Rl Reddy

Section 40

…f the Act will be applicable and therefore disallowed the entire expenditure claimed by the assessee. On appeal, the Ld.CIT(A) relying on the decision of the Hon’ble Jurisdictional High Court in the case CIT vs First Leasing Company of India Ltd reported in 292 ITR 110, the decision of the Hon’ble Apex Court in the case Madras Industrial Corporation Ltd., vs. CIT reported in 225 ITR 802, the decision in the case National Engineering Industries Ltd vs. CIT reported in 236 ITR 557 held that there is no distinction between the discount on debentures and premium on debentures and further relying on the circular…

ACIT, Chennai vs. M/S. Bhavani Distilleries and Chemicals Ltd., Chennai

In the result the Revenue’s appeal in ITA No

ITA 888/CHNY/2010[2007-08]Status: DisposedITAT Chennai14 Nov 2017AY 2007-08

Bench: Shri A.Mohan Alankamony & Shri Duvvuru Rl Reddy

Section 40

…f the Act will be applicable and therefore disallowed the entire expenditure claimed by the assessee. On appeal, the Ld.CIT(A) relying on the decision of the Hon’ble Jurisdictional High Court in the case CIT vs First Leasing Company of India Ltd reported in 292 ITR 110, the decision of the Hon’ble Apex Court in the case Madras Industrial Corporation Ltd., vs. CIT reported in 225 ITR 802, the decision in the case National Engineering Industries Ltd vs. CIT reported in 236 ITR 557 held that there is no distinction between the discount on debentures and premium on debentures and further relying on the circular…

Bhavani Distilleris and Chemicals Ltd., Chennai vs. ACIT, Chennai

In the result the Revenue’s appeal in ITA No

ITA 814/CHNY/2010[2007-08]Status: DisposedITAT Chennai14 Nov 2017AY 2007-08

Bench: Shri A.Mohan Alankamony & Shri Duvvuru Rl Reddy

Section 40

…f the Act will be applicable and therefore disallowed the entire expenditure claimed by the assessee. On appeal, the Ld.CIT(A) relying on the decision of the Hon’ble Jurisdictional High Court in the case CIT vs First Leasing Company of India Ltd reported in 292 ITR 110, the decision of the Hon’ble Apex Court in the case Madras Industrial Corporation Ltd., vs. CIT reported in 225 ITR 802, the decision in the case National Engineering Industries Ltd vs. CIT reported in 236 ITR 557 held that there is no distinction between the discount on debentures and premium on debentures and further relying on the circular…

CIT v. First Leasing Company of India Ltd. (292 ITR 110) — Cited in 11 Judgments | BharatTax