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

Srei Infrastructure Finance Ltd

The appeal is dismissed

ITA/371/2012HC Delhi13 Feb 2015
Section 260ASection 32

…ed from leasing of trucks by a financing company would be ―business income‖ as the asset was used in the course of business. Reference was made to the decision of the Supreme Court in Commissioner of Income Tax Vs. Shaan Finance (P) Ltd. Bangalore (1998) 231 ITR 308 (SC), which interpreted analogous provisions of Sections 32A(2)(a), (b) and Section 33 of the Act dealing with investment allowance and development rebate, respectively. The 2015:DHC:1459-DB ITA Nos. 371/2012 & 372/2012 Page 4 of 24 second contention of the R…

M/S. I.C.D.S. Ltd vs. Commissioner of Income Tax

The appeals are allowed; the impugned

C.A. No.-003282-003282 - 2008Supreme Court14 Jan 2013
Section 32

…irming 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.” 32. For the foregoing reasons, in our opinion, the High Court erred in law in reversin…

Commissioner of Income Tax vs. M/S Hls India Ltd

The appeals are dismissed

ITA/194/2005HC Delhi11 May 2011

Bench: Coming To These Legal Issues It Would Be Pertinent, In The Light Of Facts & Circumstances Of These Cases, First Of All To Succinctly Narrate The Genesis Of Instant Prolonged Tax Dispute Between The Revenue & The Assessee.

Section 260Section 32Section 32ASection 80

…half of the mineral concerns. However, this ITA Nos. 194/2005, 208/2002 & Ors. Connected Matters Page 44 of 52 issue is no more resintegra in view of the decision of the Supreme Court in the case of CIT Vs. Shaan Finance Pvt. Ltd. 231 ITR 308 wherein it was held that leasing and finance company is entitled to investment allowance u/s 32A in respect of hiring of machinery for manufacture by third party. On the same analogy, the plant and machinery and equipments used by the assessee for carrying out the contract with Oil India Ltd. and ONGC cannot be denied depreciation on t…

Commissioner of Income Tax vs. Hls Asia Limited

The appeals are dismissed

ITA/296/2010HC Delhi11 May 2011

Bench: HON'BLE MR. JUSTICE A.K.SIKRI,HON'BLE MR. JUSTICE M.L. MEHTA

Section 260Section 32Section 32ASection 80

…behalf of the mineral concerns. However, this ITA Nos.194/2005, 208/2002 & Ors. Connected Matters Page 43of52 ----------------- ~ issue is no more resintegra in view of the decision of the Supreme Court in the case of CIT Vs. Shaan Finance Pvt. Ltd. 231 ITR 308 wherein it was held that leasing and finance comp.any is entitled to investment allowance u/s 32A in respect of hiring of machinery for manufacture by third party. On the same analogy, the plant and machinery and equipments used by the assessee for carrying out the contract with Oil India Ltd. and ONGC cannot be denied depreciation on the…

Commissioner of Income Tax vs. M/S Hls India Ltd

The appeals are dismissed

ITA - 194 / 2005HC Delhi11 May 2011

Bench: Coming To These Legal Issues It Would Be Pertinent, In The Light Of Facts & Circumstances Of These Cases, First Of All To Succinctly Narrate The Genesis Of Instant Prolonged Tax Dispute Between The Revenue & The Assessee.

Section 260Section 32Section 32ASection 80

…al concerns. However, this 2011:DHC:2637-DB ITA Nos. 194/2005, 208/2002 & Ors. Connected Matters Page 44 of 52 issue is no more resintegra in view of the decision of the Supreme Court in the case of CIT Vs. Shaan Finance Pvt. Ltd. 231 ITR 308 wherein it was held that leasing and finance company is entitled to investment allowance u/s 32A in respect of hiring of machinery for manufacture by third party. On the same analogy, the plant and machinery and equipments used by the assessee for carrying out the contract with Oil India Ltd. and ONGC cannot be denied depreciation on t…

C.I.T vs. V.L.S.Finance Ltd

The appeals are dismissed

ITA/1149/2008HC Delhi16 Oct 2008

Bench: HON'BLE MR. JUSTICE BADAR DURREZ AHMED,HON'BLE MR. JUSTICE RAJIV SHAKDHER

For Appellant: Mr R.D. JollyFor Respondent: Mr O.S. Bajpai
Section 254Section 254(1)Section 254(2)

…d 31.08.2005 has been recalled. The rectification applications had been filed by the assessee because the tribunal had not discussed the Supreme Court decision in the case of Commissioner of Income-tax, Karnataka, Bangalore v. M/s Shaan Finance Pvt. Ltd: 231 ITR 308 while passing the said order dated 31.08.2005. The tribunal, in the impugned order, noted that the said decision of the Supreme Court in the case of Shaan Finance Pvt Ltd (supra) had been referred to. However, inadvertently the same remained to be considered by the tribunal while disposing of the appeals by the said order dated 31.08.2005…

C.I.T vs. V.L.S.Finance Ltd

The appeals are dismissed

ITA/1221/2008HC Delhi16 Oct 2008

Bench: HON'BLE MR. JUSTICE BADAR DURREZ AHMED,HON'BLE MR. JUSTICE RAJIV SHAKDHER

For Appellant: Mr R.D. JollyFor Respondent: Mr O.S. Bajpai
Section 254Section 254(1)Section 254(2)

…d 31.08.2005 has been recalled. The rectification applications had been filed by the assessee because the tribunal had not discussed the Supreme Court decision in the case of Commissioner of Income-tax, Karnataka, Bangalore v. M/s Shaan Finance Pvt. Ltd: 231 ITR 308 while passing the said order dated 31.08.2005. The tribunal, in the impugned order, noted that the said decision of the Supreme Court in the case of Shaan Finance Pvt Ltd (supra) had been referred to. However, inadvertently the same remained to be considered by the tribunal while disposing of the appeals by the said order dated 31.08.2005…

C.I.T vs. V.L.S.Finance Ltd

The appeals are dismissed

ITA/1148/2008HC Delhi16 Oct 2008

Bench: HON'BLE MR. JUSTICE BADAR DURREZ AHMED,HON'BLE MR. JUSTICE RAJIV SHAKDHER

For Appellant: Mr R.D. JollyFor Respondent: Mr O.S. Bajpai
Section 254Section 254(1)Section 254(2)

…d 31.08.2005 has been recalled. The rectification applications had been filed by the assessee because the tribunal had not discussed the Supreme Court decision in the case of Commissioner of Income-tax, Karnataka, Bangalore v. M/s Shaan Finance Pvt. Ltd: 231 ITR 308 while passing the said order dated 31.08.2005. The tribunal, in the impugned order, noted that the said decision of the Supreme Court in the case of Shaan Finance Pvt Ltd (supra) had been referred to. However, inadvertently the same remained to be considered by the tribunal while disposing of the appeals by the said order dated 31.08.2005…

C.I.T vs. V.L.S.Finance Ltd

The appeals are dismissed

ITA - 1148 / 2008HC Delhi16 Oct 2008

Bench: This Court Being Ita Nos. 115/2006, 125/2006 & 129/2006 Which Had Been Admitted For Hearing. However, The Present Appeals Arise Out Of The Said Order Dated 15 02 2008 H B Th ‟ Tifi Ti Li Ti D 2008:Dhc:2851-Db

Section 254Section 254(1)Section 254(2)

…d 31.08.2005 has been recalled. The rectification applications had been filed by the assessee because the tribunal had not discussed the Supreme Court decision in the case of Commissioner of Income-tax, Karnataka, Bangalore v. M/s Shaan Finance Pvt. Ltd: 231 ITR 308 while passing the said order dated 31.08.2005. The tribunal, in the impugned order, noted that the said decision of the Supreme Court in the case of Shaan Finance Pvt Ltd (supra) had been referred to. However, inadvertently the same remained to be considered by the tribunal while disposing of the appeals by the said order dated 31.08.2005…

C.I.T vs. V.L.S.Finance Ltd

The appeals are dismissed

ITA - 1221 / 2008HC Delhi16 Oct 2008

Bench: This Court Being Ita Nos. 115/2006, 125/2006 & 129/2006 Which Had Been Admitted For Hearing. However, The Present Appeals Arise Out Of The Said Order Dated 15 02 2008 H B Th ‟ Tifi Ti Li Ti D 2008:Dhc:2849-Db

Section 254Section 254(1)Section 254(2)

…d 31.08.2005 has been recalled. The rectification applications had been filed by the assessee because the tribunal had not discussed the Supreme Court decision in the case of Commissioner of Income-tax, Karnataka, Bangalore v. M/s Shaan Finance Pvt. Ltd: 231 ITR 308 while passing the said order dated 31.08.2005. The tribunal, in the impugned order, noted that the said decision of the Supreme Court in the case of Shaan Finance Pvt Ltd (supra) had been referred to. However, inadvertently the same remained to be considered by the tribunal while disposing of the appeals by the said order dated 31.08.2005…

C.I.T vs. V.L.S.Finance Ltd

The appeals are dismissed

ITA - 1149 / 2008HC Delhi16 Oct 2008

Bench: This Court Being Ita Nos. 115/2006, 125/2006 & 129/2006 Which Had Been Admitted For Hearing. However, The Present Appeals Arise Out Of The Said Order Dated 15 02 2008 H B Th ‟ Tifi Ti Li Ti D 2008:Dhc:2848-Db

Section 254Section 254(1)Section 254(2)

…d 31.08.2005 has been recalled. The rectification applications had been filed by the assessee because the tribunal had not discussed the Supreme Court decision in the case of Commissioner of Income-tax, Karnataka, Bangalore v. M/s Shaan Finance Pvt. Ltd: 231 ITR 308 while passing the said order dated 31.08.2005. The tribunal, in the impugned order, noted that the said decision of the Supreme Court in the case of Shaan Finance Pvt Ltd (supra) had been referred to. However, inadvertently the same remained to be considered by the tribunal while disposing of the appeals by the said order dated 31.08.2005…