CIT v. Shan Finance

231 ITR 308Supreme Court of India1998#1236 most cited

What is CIT v. Shan Finance authority for?

A financier owning machinery is entitled to investment allowance even if the machinery is used by its lessee for production purposes.

91

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2008 to 2025.

Also referred to as

CIT v. Shan Finance · 231 ITR 308 · Supreme Court · investment allowance · machinery · lessee · financier · production

Sections most often in play

Section 142(1)Section 143(3)Section 250Section 32Section 37(1)Section 92CA(3)

Issues it is cited on

section 28(va)section 41(4)depreciation on softwaresection 2(42a)section 43(6)(c)section 32anon-compete feesection 43(6)put to useblock of assetsopening wdvsection 41(1)

Judgments citing CIT v. Shan Finance

DCIT-2(3)(1), Mumbai vs. Ntt Global Data Centers Cloud Infrastructure India Pvt Ltd, Mumbai

In the result, the appeal by the Revenue is dismissed

ITA 4102/MUM/2023[2015-16]Status: DisposedITAT Mumbai04 Feb 2025AY 2015-16

Bench: Shri Br Baskaranshri Sandeep Singh Karhailassessment Year : 2015-16

For Appellant: Shri Tarang Mehta, AdvFor Respondent: Ms. Monika H. Pande, Sr. DR
Section 250

…the assessee, confirming the decision of the CIT (A) and the ITAT holding that the assessee company is entitled to the investment allowance and additional depreciation. In this judgment of the Karnataka High Court the decision of the Supreme Court reported in 231 ITR 308 was relied upon. Therefore we have no hesitation to hold that the appellant- company is entitled to a higher rate of depreciation at 50% on the trucks leased out by it. We therefore, reverse the orders of the CIT (Appeals) on this issue.” For the foregoing reasons, in our opinion, the High Court erred in law in reversing the decision of the Tribu…

Sundaram Finance Limited, Chennai vs. DCIT, Circle-1, Ltu, Chennai

ITA 636/CHNY/2023[2018-19]Status: DisposedITAT Chennai28 Jun 2024AY 2018-19

Bench: Shri Aby T Varkey, Hon’Ble & Shri S. R. Raghunatha, Hon’Bleआयकरअपीलसं./Ita Nos.: 07, 08 & 09/Chny/2018 िनधा"रणवष" / Assessment Years: 2010-11, 2011-12 & 2011-12 Deputy Commissioner Of Income Sundaram Finance Limited, V. Tax, 21, Patullos Road, Large Taxpayer Unit -1, Chennai – 600 002. Chennai – 34. [Pan: Aaacs-4944-A] (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकरअपीलसं./Ita Nos.: 26, 27 & 28/Chny/2018 िनधा"रणवष" / Assessment Years: 2010-11, 2011-12 & 2011-12 Sundaram Finance Limited, Deputy Commissioner Of Income V. 21, Patullos Road, Tax, Chennai – 600 002. Large Taxpayer Unit -1, [Pan: Aaacs-4944-A] Chennai – 34. (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Shri. R. vijayaraghavan, AdvocateFor Respondent: Shri. V. Nandakumar, CIT
Section 143(3)

…आयकर अपीलीय अिधकरण,‘बी’"यायपीठ,चे"ई IN THE INCOME TAX APPELLATE TRIBUNAL ‘B’ BENCH, CHENNAI "ी एबी टी वक", "याियक सद"य एवं "ी एस. आर.रघुनाथा, लेखा सद"य के सम" BEFORE SHRI ABY T VARKEY, HON’BLE JUDICIAL MEMBER AND SHRI S. R. RAGHUNATHA, HON’BLE ACCOUNTANT MEMBER आयकरअपीलसं./ITA Nos.: 07, 08 & 09/Chny/2018 िनधा"रणवष" / Assessment Years: 2010-11, 2011-12 & 2011-12 Deputy Commissioner of Income Sundaram Finance Limited, v. Tax, 21, Patullos Road, Large Taxpayer Unit -1, Chennai – 600 002. Chennai – 34. [PAN: AAACS-4944-A] (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकरअपीलसं./ITA Nos.: 26, 27 & 28/Chny/2018 िनधा"रणवष" /…

Sundram Finance Lomited, Chennai vs. ACIT, Circle-1, Ltu, Chennai

ITA 81/CHNY/2022[2017-18]Status: DisposedITAT Chennai28 Jun 2024AY 2017-18

Bench: Shri Aby T Varkey, Hon’Ble & Shri S. R. Raghunatha, Hon’Bleआयकरअपीलसं./Ita Nos.: 07, 08 & 09/Chny/2018 िनधा"रणवष" / Assessment Years: 2010-11, 2011-12 & 2011-12 Deputy Commissioner Of Income Sundaram Finance Limited, V. Tax, 21, Patullos Road, Large Taxpayer Unit -1, Chennai – 600 002. Chennai – 34. [Pan: Aaacs-4944-A] (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकरअपीलसं./Ita Nos.: 26, 27 & 28/Chny/2018 िनधा"रणवष" / Assessment Years: 2010-11, 2011-12 & 2011-12 Sundaram Finance Limited, Deputy Commissioner Of Income V. 21, Patullos Road, Tax, Chennai – 600 002. Large Taxpayer Unit -1, [Pan: Aaacs-4944-A] Chennai – 34. (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Shri. R. vijayaraghavan, AdvocateFor Respondent: Shri. V. Nandakumar, CIT
Section 143(3)

…आयकर अपीलीय अिधकरण,‘बी’"यायपीठ,चे"ई IN THE INCOME TAX APPELLATE TRIBUNAL ‘B’ BENCH, CHENNAI "ी एबी टी वक", "याियक सद"य एवं "ी एस. आर.रघुनाथा, लेखा सद"य के सम" BEFORE SHRI ABY T VARKEY, HON’BLE JUDICIAL MEMBER AND SHRI S. R. RAGHUNATHA, HON’BLE ACCOUNTANT MEMBER आयकरअपीलसं./ITA Nos.: 07, 08 & 09/Chny/2018 िनधा"रणवष" / Assessment Years: 2010-11, 2011-12 & 2011-12 Deputy Commissioner of Income Sundaram Finance Limited, v. Tax, 21, Patullos Road, Large Taxpayer Unit -1, Chennai – 600 002. Chennai – 34. [PAN: AAACS-4944-A] (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकरअपीलसं./ITA Nos.: 26, 27 & 28/Chny/2018 िनधा"रणवष" /…

Sundaram Finance Limited, Chennai vs. ACIT, Circle-A. Ltu, Chennai

ITA 80/CHNY/2022[2016-17]Status: DisposedITAT Chennai28 Jun 2024AY 2016-17

Bench: Shri Aby T Varkey, Hon’Ble & Shri S. R. Raghunatha, Hon’Bleआयकरअपीलसं./Ita Nos.: 07, 08 & 09/Chny/2018 िनधा"रणवष" / Assessment Years: 2010-11, 2011-12 & 2011-12 Deputy Commissioner Of Income Sundaram Finance Limited, V. Tax, 21, Patullos Road, Large Taxpayer Unit -1, Chennai – 600 002. Chennai – 34. [Pan: Aaacs-4944-A] (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकरअपीलसं./Ita Nos.: 26, 27 & 28/Chny/2018 िनधा"रणवष" / Assessment Years: 2010-11, 2011-12 & 2011-12 Sundaram Finance Limited, Deputy Commissioner Of Income V. 21, Patullos Road, Tax, Chennai – 600 002. Large Taxpayer Unit -1, [Pan: Aaacs-4944-A] Chennai – 34. (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Shri. R. vijayaraghavan, AdvocateFor Respondent: Shri. V. Nandakumar, CIT
Section 143(3)

…आयकर अपीलीय अिधकरण,‘बी’"यायपीठ,चे"ई IN THE INCOME TAX APPELLATE TRIBUNAL ‘B’ BENCH, CHENNAI "ी एबी टी वक", "याियक सद"य एवं "ी एस. आर.रघुनाथा, लेखा सद"य के सम" BEFORE SHRI ABY T VARKEY, HON’BLE JUDICIAL MEMBER AND SHRI S. R. RAGHUNATHA, HON’BLE ACCOUNTANT MEMBER आयकरअपीलसं./ITA Nos.: 07, 08 & 09/Chny/2018 िनधा"रणवष" / Assessment Years: 2010-11, 2011-12 & 2011-12 Deputy Commissioner of Income Sundaram Finance Limited, v. Tax, 21, Patullos Road, Large Taxpayer Unit -1, Chennai – 600 002. Chennai – 34. [PAN: AAACS-4944-A] (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकरअपीलसं./ITA Nos.: 26, 27 & 28/Chny/2018 िनधा"रणवष" /…

Sundaram Finance, Chennai vs. DCIT, Ltu-1, Chennai

ITA 79/CHNY/2022[2015-16]Status: DisposedITAT Chennai28 Jun 2024AY 2015-16

Bench: Shri Aby T Varkey, Hon’Ble & Shri S. R. Raghunatha, Hon’Bleआयकरअपीलसं./Ita Nos.: 07, 08 & 09/Chny/2018 िनधा"रणवष" / Assessment Years: 2010-11, 2011-12 & 2011-12 Deputy Commissioner Of Income Sundaram Finance Limited, V. Tax, 21, Patullos Road, Large Taxpayer Unit -1, Chennai – 600 002. Chennai – 34. [Pan: Aaacs-4944-A] (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकरअपीलसं./Ita Nos.: 26, 27 & 28/Chny/2018 िनधा"रणवष" / Assessment Years: 2010-11, 2011-12 & 2011-12 Sundaram Finance Limited, Deputy Commissioner Of Income V. 21, Patullos Road, Tax, Chennai – 600 002. Large Taxpayer Unit -1, [Pan: Aaacs-4944-A] Chennai – 34. (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Shri. R. vijayaraghavan, AdvocateFor Respondent: Shri. V. Nandakumar, CIT
Section 143(3)

…आयकर अपीलीय अिधकरण,‘बी’"यायपीठ,चे"ई IN THE INCOME TAX APPELLATE TRIBUNAL ‘B’ BENCH, CHENNAI "ी एबी टी वक", "याियक सद"य एवं "ी एस. आर.रघुनाथा, लेखा सद"य के सम" BEFORE SHRI ABY T VARKEY, HON’BLE JUDICIAL MEMBER AND SHRI S. R. RAGHUNATHA, HON’BLE ACCOUNTANT MEMBER आयकरअपीलसं./ITA Nos.: 07, 08 & 09/Chny/2018 िनधा"रणवष" / Assessment Years: 2010-11, 2011-12 & 2011-12 Deputy Commissioner of Income Sundaram Finance Limited, v. Tax, 21, Patullos Road, Large Taxpayer Unit -1, Chennai – 600 002. Chennai – 34. [PAN: AAACS-4944-A] (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकरअपीलसं./ITA Nos.: 26, 27 & 28/Chny/2018 िनधा"रणवष" /…

Sundaram Finance Ltd, Chennai vs. DCIT, Large Taxpayer Unit-1, Chennai

ITA 9/CHNY/2018[2011-12]Status: DisposedITAT Chennai28 Jun 2024AY 2011-12

Bench: Shri Aby T Varkey, Hon’Ble & Shri S. R. Raghunatha, Hon’Bleआयकरअपीलसं./Ita Nos.: 07, 08 & 09/Chny/2018 िनधा"रणवष" / Assessment Years: 2010-11, 2011-12 & 2011-12 Deputy Commissioner Of Income Sundaram Finance Limited, V. Tax, 21, Patullos Road, Large Taxpayer Unit -1, Chennai – 600 002. Chennai – 34. [Pan: Aaacs-4944-A] (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकरअपीलसं./Ita Nos.: 26, 27 & 28/Chny/2018 िनधा"रणवष" / Assessment Years: 2010-11, 2011-12 & 2011-12 Sundaram Finance Limited, Deputy Commissioner Of Income V. 21, Patullos Road, Tax, Chennai – 600 002. Large Taxpayer Unit -1, [Pan: Aaacs-4944-A] Chennai – 34. (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Shri. R. vijayaraghavan, AdvocateFor Respondent: Shri. V. Nandakumar, CIT
Section 143(3)

…आयकर अपीलीय अिधकरण,‘बी’"यायपीठ,चे"ई IN THE INCOME TAX APPELLATE TRIBUNAL ‘B’ BENCH, CHENNAI "ी एबी टी वक", "याियक सद"य एवं "ी एस. आर.रघुनाथा, लेखा सद"य के सम" BEFORE SHRI ABY T VARKEY, HON’BLE JUDICIAL MEMBER AND SHRI S. R. RAGHUNATHA, HON’BLE ACCOUNTANT MEMBER आयकरअपीलसं./ITA Nos.: 07, 08 & 09/Chny/2018 िनधा"रणवष" / Assessment Years: 2010-11, 2011-12 & 2011-12 Deputy Commissioner of Income Sundaram Finance Limited, v. Tax, 21, Patullos Road, Large Taxpayer Unit -1, Chennai – 600 002. Chennai – 34. [PAN: AAACS-4944-A] (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकरअपीलसं./ITA Nos.: 26, 27 & 28/Chny/2018 िनधा"रणवष" /…

Sundaram Finance Ltd, Chennai vs. DCIT, Large Taxpayer Unit-1, Chennai

ITA 8/CHNY/2018[2011-12]Status: DisposedITAT Chennai28 Jun 2024AY 2011-12

Bench: Shri Aby T Varkey, Hon’Ble & Shri S. R. Raghunatha, Hon’Bleआयकरअपीलसं./Ita Nos.: 07, 08 & 09/Chny/2018 िनधा"रणवष" / Assessment Years: 2010-11, 2011-12 & 2011-12 Deputy Commissioner Of Income Sundaram Finance Limited, V. Tax, 21, Patullos Road, Large Taxpayer Unit -1, Chennai – 600 002. Chennai – 34. [Pan: Aaacs-4944-A] (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकरअपीलसं./Ita Nos.: 26, 27 & 28/Chny/2018 िनधा"रणवष" / Assessment Years: 2010-11, 2011-12 & 2011-12 Sundaram Finance Limited, Deputy Commissioner Of Income V. 21, Patullos Road, Tax, Chennai – 600 002. Large Taxpayer Unit -1, [Pan: Aaacs-4944-A] Chennai – 34. (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Shri. R. vijayaraghavan, AdvocateFor Respondent: Shri. V. Nandakumar, CIT
Section 143(3)

…आयकर अपीलीय अिधकरण,‘बी’"यायपीठ,चे"ई IN THE INCOME TAX APPELLATE TRIBUNAL ‘B’ BENCH, CHENNAI "ी एबी टी वक", "याियक सद"य एवं "ी एस. आर.रघुनाथा, लेखा सद"य के सम" BEFORE SHRI ABY T VARKEY, HON’BLE JUDICIAL MEMBER AND SHRI S. R. RAGHUNATHA, HON’BLE ACCOUNTANT MEMBER आयकरअपीलसं./ITA Nos.: 07, 08 & 09/Chny/2018 िनधा"रणवष" / Assessment Years: 2010-11, 2011-12 & 2011-12 Deputy Commissioner of Income Sundaram Finance Limited, v. Tax, 21, Patullos Road, Large Taxpayer Unit -1, Chennai – 600 002. Chennai – 34. [PAN: AAACS-4944-A] (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकरअपीलसं./ITA Nos.: 26, 27 & 28/Chny/2018 िनधा"रणवष" /…

Sundaram Finance Ltd, Chennai vs. DCIT, Large Taxpayer Unit-1, Chennai

ITA 7/CHNY/2018[2010-11]Status: DisposedITAT Chennai28 Jun 2024AY 2010-11

Bench: Shri Aby T Varkey, Hon’Ble & Shri S. R. Raghunatha, Hon’Bleआयकरअपीलसं./Ita Nos.: 07, 08 & 09/Chny/2018 िनधा"रणवष" / Assessment Years: 2010-11, 2011-12 & 2011-12 Deputy Commissioner Of Income Sundaram Finance Limited, V. Tax, 21, Patullos Road, Large Taxpayer Unit -1, Chennai – 600 002. Chennai – 34. [Pan: Aaacs-4944-A] (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकरअपीलसं./Ita Nos.: 26, 27 & 28/Chny/2018 िनधा"रणवष" / Assessment Years: 2010-11, 2011-12 & 2011-12 Sundaram Finance Limited, Deputy Commissioner Of Income V. 21, Patullos Road, Tax, Chennai – 600 002. Large Taxpayer Unit -1, [Pan: Aaacs-4944-A] Chennai – 34. (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Shri. R. vijayaraghavan, AdvocateFor Respondent: Shri. V. Nandakumar, CIT
Section 143(3)

…आयकर अपीलीय अिधकरण,‘बी’"यायपीठ,चे"ई IN THE INCOME TAX APPELLATE TRIBUNAL ‘B’ BENCH, CHENNAI "ी एबी टी वक", "याियक सद"य एवं "ी एस. आर.रघुनाथा, लेखा सद"य के सम" BEFORE SHRI ABY T VARKEY, HON’BLE JUDICIAL MEMBER AND SHRI S. R. RAGHUNATHA, HON’BLE ACCOUNTANT MEMBER आयकरअपीलसं./ITA Nos.: 07, 08 & 09/Chny/2018 िनधा"रणवष" / Assessment Years: 2010-11, 2011-12 & 2011-12 Deputy Commissioner of Income Sundaram Finance Limited, v. Tax, 21, Patullos Road, Large Taxpayer Unit -1, Chennai – 600 002. Chennai – 34. [PAN: AAACS-4944-A] (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकरअपीलसं./ITA Nos.: 26, 27 & 28/Chny/2018 िनधा"रणवष" /…

DCIT, Chennai vs. M/S, Sundaram Finance Ltd., Chennai

ITA 28/CHNY/2018[2011-12]Status: DisposedITAT Chennai28 Jun 2024AY 2011-12

Bench: Shri Aby T Varkey, Hon’Ble & Shri S. R. Raghunatha, Hon’Bleआयकरअपीलसं./Ita Nos.: 07, 08 & 09/Chny/2018 िनधा"रणवष" / Assessment Years: 2010-11, 2011-12 & 2011-12 Deputy Commissioner Of Income Sundaram Finance Limited, V. Tax, 21, Patullos Road, Large Taxpayer Unit -1, Chennai – 600 002. Chennai – 34. [Pan: Aaacs-4944-A] (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकरअपीलसं./Ita Nos.: 26, 27 & 28/Chny/2018 िनधा"रणवष" / Assessment Years: 2010-11, 2011-12 & 2011-12 Sundaram Finance Limited, Deputy Commissioner Of Income V. 21, Patullos Road, Tax, Chennai – 600 002. Large Taxpayer Unit -1, [Pan: Aaacs-4944-A] Chennai – 34. (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Shri. R. vijayaraghavan, AdvocateFor Respondent: Shri. V. Nandakumar, CIT
Section 143(3)

…आयकर अपीलीय अिधकरण,‘बी’"यायपीठ,चे"ई IN THE INCOME TAX APPELLATE TRIBUNAL ‘B’ BENCH, CHENNAI "ी एबी टी वक", "याियक सद"य एवं "ी एस. आर.रघुनाथा, लेखा सद"य के सम" BEFORE SHRI ABY T VARKEY, HON’BLE JUDICIAL MEMBER AND SHRI S. R. RAGHUNATHA, HON’BLE ACCOUNTANT MEMBER आयकरअपीलसं./ITA Nos.: 07, 08 & 09/Chny/2018 िनधा"रणवष" / Assessment Years: 2010-11, 2011-12 & 2011-12 Deputy Commissioner of Income Sundaram Finance Limited, v. Tax, 21, Patullos Road, Large Taxpayer Unit -1, Chennai – 600 002. Chennai – 34. [PAN: AAACS-4944-A] (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकरअपीलसं./ITA Nos.: 26, 27 & 28/Chny/2018 िनधा"रणवष" /…

ACIT, Chennai vs. M/S Sundaram Finance Ltd, Chennai

ITA 27/CHNY/2018[2011-12]Status: DisposedITAT Chennai28 Jun 2024AY 2011-12

Bench: Shri Aby T Varkey, Hon’Ble & Shri S. R. Raghunatha, Hon’Bleआयकरअपीलसं./Ita Nos.: 07, 08 & 09/Chny/2018 िनधा"रणवष" / Assessment Years: 2010-11, 2011-12 & 2011-12 Deputy Commissioner Of Income Sundaram Finance Limited, V. Tax, 21, Patullos Road, Large Taxpayer Unit -1, Chennai – 600 002. Chennai – 34. [Pan: Aaacs-4944-A] (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकरअपीलसं./Ita Nos.: 26, 27 & 28/Chny/2018 िनधा"रणवष" / Assessment Years: 2010-11, 2011-12 & 2011-12 Sundaram Finance Limited, Deputy Commissioner Of Income V. 21, Patullos Road, Tax, Chennai – 600 002. Large Taxpayer Unit -1, [Pan: Aaacs-4944-A] Chennai – 34. (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Shri. R. vijayaraghavan, AdvocateFor Respondent: Shri. V. Nandakumar, CIT
Section 143(3)

…आयकर अपीलीय अिधकरण,‘बी’"यायपीठ,चे"ई IN THE INCOME TAX APPELLATE TRIBUNAL ‘B’ BENCH, CHENNAI "ी एबी टी वक", "याियक सद"य एवं "ी एस. आर.रघुनाथा, लेखा सद"य के सम" BEFORE SHRI ABY T VARKEY, HON’BLE JUDICIAL MEMBER AND SHRI S. R. RAGHUNATHA, HON’BLE ACCOUNTANT MEMBER आयकरअपीलसं./ITA Nos.: 07, 08 & 09/Chny/2018 िनधा"रणवष" / Assessment Years: 2010-11, 2011-12 & 2011-12 Deputy Commissioner of Income Sundaram Finance Limited, v. Tax, 21, Patullos Road, Large Taxpayer Unit -1, Chennai – 600 002. Chennai – 34. [PAN: AAACS-4944-A] (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकरअपीलसं./ITA Nos.: 26, 27 & 28/Chny/2018 िनधा"रणवष" /…

DCIT, Chennai vs. M/S, Sundaram Finance Ltd., Chennai

ITA 26/CHNY/2018[2010-11]Status: DisposedITAT Chennai28 Jun 2024AY 2010-11

Bench: Shri Aby T Varkey, Hon’Ble & Shri S. R. Raghunatha, Hon’Bleआयकरअपीलसं./Ita Nos.: 07, 08 & 09/Chny/2018 िनधा"रणवष" / Assessment Years: 2010-11, 2011-12 & 2011-12 Deputy Commissioner Of Income Sundaram Finance Limited, V. Tax, 21, Patullos Road, Large Taxpayer Unit -1, Chennai – 600 002. Chennai – 34. [Pan: Aaacs-4944-A] (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकरअपीलसं./Ita Nos.: 26, 27 & 28/Chny/2018 िनधा"रणवष" / Assessment Years: 2010-11, 2011-12 & 2011-12 Sundaram Finance Limited, Deputy Commissioner Of Income V. 21, Patullos Road, Tax, Chennai – 600 002. Large Taxpayer Unit -1, [Pan: Aaacs-4944-A] Chennai – 34. (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Shri. R. vijayaraghavan, AdvocateFor Respondent: Shri. V. Nandakumar, CIT
Section 143(3)

…आयकर अपीलीय अिधकरण,‘बी’"यायपीठ,चे"ई IN THE INCOME TAX APPELLATE TRIBUNAL ‘B’ BENCH, CHENNAI "ी एबी टी वक", "याियक सद"य एवं "ी एस. आर.रघुनाथा, लेखा सद"य के सम" BEFORE SHRI ABY T VARKEY, HON’BLE JUDICIAL MEMBER AND SHRI S. R. RAGHUNATHA, HON’BLE ACCOUNTANT MEMBER आयकरअपीलसं./ITA Nos.: 07, 08 & 09/Chny/2018 िनधा"रणवष" / Assessment Years: 2010-11, 2011-12 & 2011-12 Deputy Commissioner of Income Sundaram Finance Limited, v. Tax, 21, Patullos Road, Large Taxpayer Unit -1, Chennai – 600 002. Chennai – 34. [PAN: AAACS-4944-A] (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकरअपीलसं./ITA Nos.: 26, 27 & 28/Chny/2018 िनधा"रणवष" /…

DCIT, Chennai vs. M/S, Sundaram Finance Ltd., Chennai

In the result, revenue’s appeal for all the years stand partly allowed for statistical purposes

ITA 31/CHNY/2018[2014-15]Status: DisposedITAT Chennai17 May 2024AY 2014-15

Bench: Hon’Ble Shri Mahavir Singh & Hon’Ble Shri Manoj Kumar Aggarwal, Am 1. आयकरअपीलसं./Ita No. 10/Chny/2018 (िनधाEरणवषE / Assessment Year: 2012-13) & 2. आयकरअपीलसं./Ita No. 11 /Chny/2018 (िनधाEरणवषE / Assessment Year: 2013-14) & 3. आयकरअपीलसं./Ita No. 12/Chny/2018 (िनधाEरणवषE / Assessment Year: 2014-15) M/S. Sundaram Finance Ltd. Dcit बनाम/ 21, Patullos Road, Large Taxpayer Unit -1, Vs. Chennai – 600 002. Chennai – 600 034. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaacs-4944-A (अपीलाथ"/Appellant) : (""थ" / Respondent) & 4. आयकरअपीलसं./Ita No. 29/Chny/2018 (िनधाEरणवषE / Assessment Year: 2012-13) & 5. आयकरअपीलसं./Ita No.30/Chny/2018 (िनधाEरणवषE / Assessment Year: 2013-14) & 6. आयकरअपीलसं./Ita No. 31/Chny/2018 (िनधाEरणवषE / Assessment Year: 2014-15) Dcit M/S. Sundaram Finance Ltd. बनाम/ Large Taxpayer Unit -1, 21, Patullos Road, Vs. Chennai – 600 034. Chennai – 600 002. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaacs-4944-A (अपीलाथ"/Appellant) : (""थ" / Respondent) Assessee By : Shri R. Vijayaraghavan, (Advocate) - Ld. Ar Department By : Shri V. Nandakumar, Cit –Ld. Dr

For Appellant: Shri R. Vijayaraghavan, (Advocate) - Ld. ARFor Respondent: Shri V. Nandakumar, CIT –Ld. DR
Section 143(3)Section 14ASection 176

…nt-company is in the business of leasing of motor vehicles, being motor cars, to various companies and claimed depreciation @15%. In this regard, it is relevant to refer to the decision of the Hon'ble Supreme Court in the case of CIT vs Shaan Finance (P) Ltd (231 ITR 308)(SC) wherein in a similar case the apex Court declared as follows: When the business of the assessee is leasing of such machines, the machines so leased out are being used for the purpose of the assessee's business. The income by way of hire charges which the assessee receives is also taxed as business income of the assessee. In the case of the a…

DCIT, Chennai vs. M/S, Sundaram Finance Ltd., Chennai

In the result, revenue’s appeal for all the years stand partly allowed for statistical purposes

ITA 30/CHNY/2018[2013-14]Status: DisposedITAT Chennai17 May 2024AY 2013-14

Bench: Hon’Ble Shri Mahavir Singh & Hon’Ble Shri Manoj Kumar Aggarwal, Am 1. आयकरअपीलसं./Ita No. 10/Chny/2018 (िनधाEरणवषE / Assessment Year: 2012-13) & 2. आयकरअपीलसं./Ita No. 11 /Chny/2018 (िनधाEरणवषE / Assessment Year: 2013-14) & 3. आयकरअपीलसं./Ita No. 12/Chny/2018 (िनधाEरणवषE / Assessment Year: 2014-15) M/S. Sundaram Finance Ltd. Dcit बनाम/ 21, Patullos Road, Large Taxpayer Unit -1, Vs. Chennai – 600 002. Chennai – 600 034. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaacs-4944-A (अपीलाथ"/Appellant) : (""थ" / Respondent) & 4. आयकरअपीलसं./Ita No. 29/Chny/2018 (िनधाEरणवषE / Assessment Year: 2012-13) & 5. आयकरअपीलसं./Ita No.30/Chny/2018 (िनधाEरणवषE / Assessment Year: 2013-14) & 6. आयकरअपीलसं./Ita No. 31/Chny/2018 (िनधाEरणवषE / Assessment Year: 2014-15) Dcit M/S. Sundaram Finance Ltd. बनाम/ Large Taxpayer Unit -1, 21, Patullos Road, Vs. Chennai – 600 034. Chennai – 600 002. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaacs-4944-A (अपीलाथ"/Appellant) : (""थ" / Respondent) Assessee By : Shri R. Vijayaraghavan, (Advocate) - Ld. Ar Department By : Shri V. Nandakumar, Cit –Ld. Dr

For Appellant: Shri R. Vijayaraghavan, (Advocate) - Ld. ARFor Respondent: Shri V. Nandakumar, CIT –Ld. DR
Section 143(3)Section 14ASection 176

…nt-company is in the business of leasing of motor vehicles, being motor cars, to various companies and claimed depreciation @15%. In this regard, it is relevant to refer to the decision of the Hon'ble Supreme Court in the case of CIT vs Shaan Finance (P) Ltd (231 ITR 308)(SC) wherein in a similar case the apex Court declared as follows: When the business of the assessee is leasing of such machines, the machines so leased out are being used for the purpose of the assessee's business. The income by way of hire charges which the assessee receives is also taxed as business income of the assessee. In the case of the a…

DCIT, Chennai vs. M/S, Sundaram Finance Ltd., Chennai

In the result, revenue’s appeal for all the years stand partly allowed for statistical purposes

ITA 29/CHNY/2018[2012-13]Status: DisposedITAT Chennai17 May 2024AY 2012-13

Bench: Hon’Ble Shri Mahavir Singh & Hon’Ble Shri Manoj Kumar Aggarwal, Am 1. आयकरअपीलसं./Ita No. 10/Chny/2018 (िनधाEरणवषE / Assessment Year: 2012-13) & 2. आयकरअपीलसं./Ita No. 11 /Chny/2018 (िनधाEरणवषE / Assessment Year: 2013-14) & 3. आयकरअपीलसं./Ita No. 12/Chny/2018 (िनधाEरणवषE / Assessment Year: 2014-15) M/S. Sundaram Finance Ltd. Dcit बनाम/ 21, Patullos Road, Large Taxpayer Unit -1, Vs. Chennai – 600 002. Chennai – 600 034. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaacs-4944-A (अपीलाथ"/Appellant) : (""थ" / Respondent) & 4. आयकरअपीलसं./Ita No. 29/Chny/2018 (िनधाEरणवषE / Assessment Year: 2012-13) & 5. आयकरअपीलसं./Ita No.30/Chny/2018 (िनधाEरणवषE / Assessment Year: 2013-14) & 6. आयकरअपीलसं./Ita No. 31/Chny/2018 (िनधाEरणवषE / Assessment Year: 2014-15) Dcit M/S. Sundaram Finance Ltd. बनाम/ Large Taxpayer Unit -1, 21, Patullos Road, Vs. Chennai – 600 034. Chennai – 600 002. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaacs-4944-A (अपीलाथ"/Appellant) : (""थ" / Respondent) Assessee By : Shri R. Vijayaraghavan, (Advocate) - Ld. Ar Department By : Shri V. Nandakumar, Cit –Ld. Dr

For Appellant: Shri R. Vijayaraghavan, (Advocate) - Ld. ARFor Respondent: Shri V. Nandakumar, CIT –Ld. DR
Section 143(3)Section 14ASection 176

…nt-company is in the business of leasing of motor vehicles, being motor cars, to various companies and claimed depreciation @15%. In this regard, it is relevant to refer to the decision of the Hon'ble Supreme Court in the case of CIT vs Shaan Finance (P) Ltd (231 ITR 308)(SC) wherein in a similar case the apex Court declared as follows: When the business of the assessee is leasing of such machines, the machines so leased out are being used for the purpose of the assessee's business. The income by way of hire charges which the assessee receives is also taxed as business income of the assessee. In the case of the a…

Sundaram Finance Ltd, Chennai vs. DCIT, Large Taxpayer Unit-1, Chennai

In the result, revenue’s appeal for all the years stand partly allowed for statistical purposes

ITA 12/CHNY/2018[2014-15]Status: DisposedITAT Chennai17 May 2024AY 2014-15

Bench: Hon’Ble Shri Mahavir Singh & Hon’Ble Shri Manoj Kumar Aggarwal, Am 1. आयकरअपीलसं./Ita No. 10/Chny/2018 (िनधाEरणवषE / Assessment Year: 2012-13) & 2. आयकरअपीलसं./Ita No. 11 /Chny/2018 (िनधाEरणवषE / Assessment Year: 2013-14) & 3. आयकरअपीलसं./Ita No. 12/Chny/2018 (िनधाEरणवषE / Assessment Year: 2014-15) M/S. Sundaram Finance Ltd. Dcit बनाम/ 21, Patullos Road, Large Taxpayer Unit -1, Vs. Chennai – 600 002. Chennai – 600 034. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaacs-4944-A (अपीलाथ"/Appellant) : (""थ" / Respondent) & 4. आयकरअपीलसं./Ita No. 29/Chny/2018 (िनधाEरणवषE / Assessment Year: 2012-13) & 5. आयकरअपीलसं./Ita No.30/Chny/2018 (िनधाEरणवषE / Assessment Year: 2013-14) & 6. आयकरअपीलसं./Ita No. 31/Chny/2018 (िनधाEरणवषE / Assessment Year: 2014-15) Dcit M/S. Sundaram Finance Ltd. बनाम/ Large Taxpayer Unit -1, 21, Patullos Road, Vs. Chennai – 600 034. Chennai – 600 002. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaacs-4944-A (अपीलाथ"/Appellant) : (""थ" / Respondent) Assessee By : Shri R. Vijayaraghavan, (Advocate) - Ld. Ar Department By : Shri V. Nandakumar, Cit –Ld. Dr

For Appellant: Shri R. Vijayaraghavan, (Advocate) - Ld. ARFor Respondent: Shri V. Nandakumar, CIT –Ld. DR
Section 143(3)Section 14ASection 176

…nt-company is in the business of leasing of motor vehicles, being motor cars, to various companies and claimed depreciation @15%. In this regard, it is relevant to refer to the decision of the Hon'ble Supreme Court in the case of CIT vs Shaan Finance (P) Ltd (231 ITR 308)(SC) wherein in a similar case the apex Court declared as follows: When the business of the assessee is leasing of such machines, the machines so leased out are being used for the purpose of the assessee's business. The income by way of hire charges which the assessee receives is also taxed as business income of the assessee. In the case of the a…

Sundaram Finance Ltd, Chennai vs. DCIT, Large Taxpayer Unit-1, Chennai

In the result, revenue’s appeal for all the years stand partly allowed for statistical purposes

ITA 11/CHNY/2018[2013-14]Status: DisposedITAT Chennai17 May 2024AY 2013-14

Bench: Hon’Ble Shri Mahavir Singh & Hon’Ble Shri Manoj Kumar Aggarwal, Am 1. आयकरअपीलसं./Ita No. 10/Chny/2018 (िनधाEरणवषE / Assessment Year: 2012-13) & 2. आयकरअपीलसं./Ita No. 11 /Chny/2018 (िनधाEरणवषE / Assessment Year: 2013-14) & 3. आयकरअपीलसं./Ita No. 12/Chny/2018 (िनधाEरणवषE / Assessment Year: 2014-15) M/S. Sundaram Finance Ltd. Dcit बनाम/ 21, Patullos Road, Large Taxpayer Unit -1, Vs. Chennai – 600 002. Chennai – 600 034. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaacs-4944-A (अपीलाथ"/Appellant) : (""थ" / Respondent) & 4. आयकरअपीलसं./Ita No. 29/Chny/2018 (िनधाEरणवषE / Assessment Year: 2012-13) & 5. आयकरअपीलसं./Ita No.30/Chny/2018 (िनधाEरणवषE / Assessment Year: 2013-14) & 6. आयकरअपीलसं./Ita No. 31/Chny/2018 (िनधाEरणवषE / Assessment Year: 2014-15) Dcit M/S. Sundaram Finance Ltd. बनाम/ Large Taxpayer Unit -1, 21, Patullos Road, Vs. Chennai – 600 034. Chennai – 600 002. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaacs-4944-A (अपीलाथ"/Appellant) : (""थ" / Respondent) Assessee By : Shri R. Vijayaraghavan, (Advocate) - Ld. Ar Department By : Shri V. Nandakumar, Cit –Ld. Dr

For Appellant: Shri R. Vijayaraghavan, (Advocate) - Ld. ARFor Respondent: Shri V. Nandakumar, CIT –Ld. DR
Section 143(3)Section 14ASection 176

…nt-company is in the business of leasing of motor vehicles, being motor cars, to various companies and claimed depreciation @15%. In this regard, it is relevant to refer to the decision of the Hon'ble Supreme Court in the case of CIT vs Shaan Finance (P) Ltd (231 ITR 308)(SC) wherein in a similar case the apex Court declared as follows: When the business of the assessee is leasing of such machines, the machines so leased out are being used for the purpose of the assessee's business. The income by way of hire charges which the assessee receives is also taxed as business income of the assessee. In the case of the a…

Sundaram Finance Ltd, Chennai vs. DCIT, Large Taxpayer Unit-1, Chennai

In the result, revenue’s appeal for all the years stand partly allowed for statistical purposes

ITA 10/CHNY/2018[2012-13]Status: DisposedITAT Chennai17 May 2024AY 2012-13

Bench: Hon’Ble Shri Mahavir Singh & Hon’Ble Shri Manoj Kumar Aggarwal, Am 1. आयकरअपीलसं./Ita No. 10/Chny/2018 (िनधाEरणवषE / Assessment Year: 2012-13) & 2. आयकरअपीलसं./Ita No. 11 /Chny/2018 (िनधाEरणवषE / Assessment Year: 2013-14) & 3. आयकरअपीलसं./Ita No. 12/Chny/2018 (िनधाEरणवषE / Assessment Year: 2014-15) M/S. Sundaram Finance Ltd. Dcit बनाम/ 21, Patullos Road, Large Taxpayer Unit -1, Vs. Chennai – 600 002. Chennai – 600 034. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaacs-4944-A (अपीलाथ"/Appellant) : (""थ" / Respondent) & 4. आयकरअपीलसं./Ita No. 29/Chny/2018 (िनधाEरणवषE / Assessment Year: 2012-13) & 5. आयकरअपीलसं./Ita No.30/Chny/2018 (िनधाEरणवषE / Assessment Year: 2013-14) & 6. आयकरअपीलसं./Ita No. 31/Chny/2018 (िनधाEरणवषE / Assessment Year: 2014-15) Dcit M/S. Sundaram Finance Ltd. बनाम/ Large Taxpayer Unit -1, 21, Patullos Road, Vs. Chennai – 600 034. Chennai – 600 002. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaacs-4944-A (अपीलाथ"/Appellant) : (""थ" / Respondent) Assessee By : Shri R. Vijayaraghavan, (Advocate) - Ld. Ar Department By : Shri V. Nandakumar, Cit –Ld. Dr

For Appellant: Shri R. Vijayaraghavan, (Advocate) - Ld. ARFor Respondent: Shri V. Nandakumar, CIT –Ld. DR
Section 143(3)Section 14ASection 176

…nt-company is in the business of leasing of motor vehicles, being motor cars, to various companies and claimed depreciation @15%. In this regard, it is relevant to refer to the decision of the Hon'ble Supreme Court in the case of CIT vs Shaan Finance (P) Ltd (231 ITR 308)(SC) wherein in a similar case the apex Court declared as follows: When the business of the assessee is leasing of such machines, the machines so leased out are being used for the purpose of the assessee's business. The income by way of hire charges which the assessee receives is also taxed as business income of the assessee. In the case of the a…

Ntt Global Data Centers & Cloud Infrastructure India Private Limited (Erstwhile Netmagic It Services Private Limited), Mumbai vs. DCIT-10 (3)(1), Mumbai

In the result the issue under consideration is remitted back to the file of Assessing Officer for statistical purpose

ITA 2784/MUM/2023[2015-16]Status: DisposedITAT Mumbai07 Feb 2024AY 2015-16

Bench: Shri Aby T Varkey, Hon'Ble & Shri S. Rifaur Rahman, Hon'Blentt Global Data Centers & Cloud V. National E-Assessment Centre Infrastructure India Private Limited {Now Known As National {Erstwhile Netmagic It Services Faceless Appeal Centre} Private Limited} Delhi 7Th Floor, Hiranandani Business Park Sakinaka S.O., Mumbai - 400072 Pan: Aaccn2366D (Appellant) (Respondent) Assessee Represented By : Shri Vijay Mehta, Shri Arpit Doshi & Ms. Payal Mehta Department Represented By : Shri S. Srinivasu

Section 37(1)

…the assessee, confirming the decision of the CIT (A) and the ITAT holding that the assessee company is entitled to the investment allowance and additional depreciation. In this judgment of the Karnataka High Court the decision of the Supreme Court reported in 231 ITR 308 was relied upon. Therefore we have no hesitation to hold that the appellant- company is entitled to a higher rate of depreciation at 50% on the trucks leased out by it. We therefore, reverse the orders of the CIT (Appeals) on this issue.” For the foregoing reasons, in our opinion, the High Court erred in law in reversing the decision of the Tribu…

Sbi Capital Markets Ltd, Mumbai vs. Asst CIT Ltu, Mumbai

In the result the, all the appeals of the assesse are partly allowed and the appeal of the revenue is dismissed

ITA 1511/MUM/2014[2005-06]Status: DisposedITAT Mumbai13 Jan 2023AY 2005-06

Bench: Shri Pavan Kumar Gadale & Shri Amarjit Singh, Accountant, Member Ita No.3790 /Mum/2004 (A.Y.1996-97)

…SBI Capital Market Ltd. Vs. ACIT,Range 4(3)(3) ld. Counsel has also placed reliance on the decision of Hon’ble Supreme Court in the case of I.C.D.S Vs. CIT (2013) 29 taxman.com 129 (SC) and decision of Hon’ble Supreme Court in the case of CIT Vs. Shan Finance 231 ITR 308 (SC). The ld. Counsel has also referred various other judicial pronouncements as placed in the paper book. On the other hand, the ld. D.R referred the various pages of agreement. He also referred the clause 3.1 of the agreement stating that the Lessor at its discretion on the request of the lessee, make advance payment to the manufacturer/supplie…

Sbi Capital Markets Ltd., Mumbai vs. A.C.I.T. Ltu, Mumbai

In the result the, all the appeals of the assesse are partly allowed and the appeal of the revenue is dismissed

ITA 2484/MUM/2012[2005-06]Status: DisposedITAT Mumbai13 Jan 2023AY 2005-06

Bench: Shri Pavan Kumar Gadale & Shri Amarjit Singh, Accountant, Member Ita No.3790 /Mum/2004 (A.Y.1996-97)

…SBI Capital Market Ltd. Vs. ACIT,Range 4(3)(3) ld. Counsel has also placed reliance on the decision of Hon’ble Supreme Court in the case of I.C.D.S Vs. CIT (2013) 29 taxman.com 129 (SC) and decision of Hon’ble Supreme Court in the case of CIT Vs. Shan Finance 231 ITR 308 (SC). The ld. Counsel has also referred various other judicial pronouncements as placed in the paper book. On the other hand, the ld. D.R referred the various pages of agreement. He also referred the clause 3.1 of the agreement stating that the Lessor at its discretion on the request of the lessee, make advance payment to the manufacturer/supplie…