First Leasing Co of India Ltd. v. ACIT

38 Taxmann.com 213Reported decision2013#9741 most cited

What is First Leasing Co of India Ltd. v. ACIT authority for?

Sale and leaseback (SLB) transactions are not automatically considered sham. The High Court dismissed reasons cited by the department and tribunal for holding such transactions as sham.

11

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2019 to 2019.

Also referred to as

First Leasing Co of India Ltd vs ACIT · 38 Taxmann.com 213 · sale and leaseback transactions · SLB transactions · sham transactions · depreciation · capital recovery

Judgments citing First Leasing Co of India Ltd. v. ACIT

M/S Maharashtra Apex Corporation Limited, Manipal vs. Deputy Commissioner of Income Tax Circle-1, Udupi

240 & 241/Bang/2018

ITA 255/BANG/2018[2012-13]Status: DisposedITAT Bangalore20 Sept 2019AY 2012-13

Bench: Shri A. K. Garodia & Shri Pavan Kumar Gadale

For Appellant: Shri Anil Kumar Rao, C. AFor Respondent: Shri Vikas Suryavamshi, Addl. CIT DR
Section 143Section 154

…e Corporation Limited in ITAs No 249/Bang/99 and 344&644/Bang/2000 for Assessment Years 1995-96,199697 and 1997-98 which have not been appealed by the Department and the decision of the Hon'ble Madras High Court in First Leasing Co of India Ltd vs ACIT [2013] 38 Taxmann.com 213 where similar reasons cited by the Department and Tribunal for holding the SLB transactions as sham were dismissed by the High court. As appellant has not gone on appeal against these orders the AO has disallowed the depreciation on these assets leased in earlier year in the assessments for AY 1995-96,1996-97 and 1997-98 and subsequent yea…

M/S Maharashtra Apex Corporation Limited, Manipal vs. Deputy Commissioner of Income Tax Circle-1, Udupi

240 & 241/Bang/2018

ITA 254/BANG/2018[2011-12]Status: DisposedITAT Bangalore20 Sept 2019AY 2011-12

Bench: Shri A. K. Garodia & Shri Pavan Kumar Gadale

For Appellant: Shri Anil Kumar Rao, C. AFor Respondent: Shri Vikas Suryavamshi, Addl. CIT DR
Section 143Section 154

…e Corporation Limited in ITAs No 249/Bang/99 and 344&644/Bang/2000 for Assessment Years 1995-96,199697 and 1997-98 which have not been appealed by the Department and the decision of the Hon'ble Madras High Court in First Leasing Co of India Ltd vs ACIT [2013] 38 Taxmann.com 213 where similar reasons cited by the Department and Tribunal for holding the SLB transactions as sham were dismissed by the High court. As appellant has not gone on appeal against these orders the AO has disallowed the depreciation on these assets leased in earlier year in the assessments for AY 1995-96,1996-97 and 1997-98 and subsequent yea…

M/S Maharashtra Apex Corporation Limited, Manipal vs. Deputy Commissioner of Income Tax Circle-1, Udupi

240 & 241/Bang/2018

ITA 253/BANG/2018[2008-09]Status: DisposedITAT Bangalore20 Sept 2019AY 2008-09

Bench: Shri A. K. Garodia & Shri Pavan Kumar Gadale

For Appellant: Shri Anil Kumar Rao, C. AFor Respondent: Shri Vikas Suryavamshi, Addl. CIT DR
Section 143Section 154

…e Corporation Limited in ITAs No 249/Bang/99 and 344&644/Bang/2000 for Assessment Years 1995-96,199697 and 1997-98 which have not been appealed by the Department and the decision of the Hon'ble Madras High Court in First Leasing Co of India Ltd vs ACIT [2013] 38 Taxmann.com 213 where similar reasons cited by the Department and Tribunal for holding the SLB transactions as sham were dismissed by the High court. As appellant has not gone on appeal against these orders the AO has disallowed the depreciation on these assets leased in earlier year in the assessments for AY 1995-96,1996-97 and 1997-98 and subsequent yea…

M/S Maharashtra Apex Corporation Limited, Manipal vs. Deputy Commissioner of Income Tax Circle-1, Udupi

240 & 241/Bang/2018

ITA 252/BANG/2018[2007-08]Status: DisposedITAT Bangalore20 Sept 2019AY 2007-08

Bench: Shri A. K. Garodia & Shri Pavan Kumar Gadale

For Appellant: Shri Anil Kumar Rao, C. AFor Respondent: Shri Vikas Suryavamshi, Addl. CIT DR
Section 143Section 154

…e Corporation Limited in ITAs No 249/Bang/99 and 344&644/Bang/2000 for Assessment Years 1995-96,199697 and 1997-98 which have not been appealed by the Department and the decision of the Hon'ble Madras High Court in First Leasing Co of India Ltd vs ACIT [2013] 38 Taxmann.com 213 where similar reasons cited by the Department and Tribunal for holding the SLB transactions as sham were dismissed by the High court. As appellant has not gone on appeal against these orders the AO has disallowed the depreciation on these assets leased in earlier year in the assessments for AY 1995-96,1996-97 and 1997-98 and subsequent yea…

M/S Maharashtra Apex Corporation Limited, Manipal vs. Deputy Commissioner of Income Tax Circle-1, Udupi

240 & 241/Bang/2018

ITA 251/BANG/2018[2006-07]Status: DisposedITAT Bangalore20 Sept 2019AY 2006-07

Bench: Shri A. K. Garodia & Shri Pavan Kumar Gadale

For Appellant: Shri Anil Kumar Rao, C. AFor Respondent: Shri Vikas Suryavamshi, Addl. CIT DR
Section 143Section 154

…e Corporation Limited in ITAs No 249/Bang/99 and 344&644/Bang/2000 for Assessment Years 1995-96,199697 and 1997-98 which have not been appealed by the Department and the decision of the Hon'ble Madras High Court in First Leasing Co of India Ltd vs ACIT [2013] 38 Taxmann.com 213 where similar reasons cited by the Department and Tribunal for holding the SLB transactions as sham were dismissed by the High court. As appellant has not gone on appeal against these orders the AO has disallowed the depreciation on these assets leased in earlier year in the assessments for AY 1995-96,1996-97 and 1997-98 and subsequent yea…

M/S Maharashtra Apex Corporation Limited, Manipal vs. Deputy Commissioner of Income Tax Circle-1, Udupi

240 & 241/Bang/2018

ITA 250/BANG/2018[2005-06]Status: DisposedITAT Bangalore20 Sept 2019AY 2005-06

Bench: Shri A. K. Garodia & Shri Pavan Kumar Gadale

For Appellant: Shri Anil Kumar Rao, C. AFor Respondent: Shri Vikas Suryavamshi, Addl. CIT DR
Section 143Section 154

…e Corporation Limited in ITAs No 249/Bang/99 and 344&644/Bang/2000 for Assessment Years 1995-96,199697 and 1997-98 which have not been appealed by the Department and the decision of the Hon'ble Madras High Court in First Leasing Co of India Ltd vs ACIT [2013] 38 Taxmann.com 213 where similar reasons cited by the Department and Tribunal for holding the SLB transactions as sham were dismissed by the High court. As appellant has not gone on appeal against these orders the AO has disallowed the depreciation on these assets leased in earlier year in the assessments for AY 1995-96,1996-97 and 1997-98 and subsequent yea…

M/S Maharashtra Apex Corporation Limited, Manipal vs. Deputy Commissioner of Income Tax Circle-1, Udupi

240 & 241/Bang/2018

ITA 249/BANG/2018[2004-05]Status: DisposedITAT Bangalore20 Sept 2019AY 2004-05

Bench: Shri A. K. Garodia & Shri Pavan Kumar Gadale

For Appellant: Shri Anil Kumar Rao, C. AFor Respondent: Shri Vikas Suryavamshi, Addl. CIT DR
Section 143Section 154

…e Corporation Limited in ITAs No 249/Bang/99 and 344&644/Bang/2000 for Assessment Years 1995-96,199697 and 1997-98 which have not been appealed by the Department and the decision of the Hon'ble Madras High Court in First Leasing Co of India Ltd vs ACIT [2013] 38 Taxmann.com 213 where similar reasons cited by the Department and Tribunal for holding the SLB transactions as sham were dismissed by the High court. As appellant has not gone on appeal against these orders the AO has disallowed the depreciation on these assets leased in earlier year in the assessments for AY 1995-96,1996-97 and 1997-98 and subsequent yea…

M/S Maharashtra Apex Corporation Limited, Manipal vs. Deputy Commissioner of Income Tax Circle-1, Udupi

240 & 241/Bang/2018

ITA 248/BANG/2018[2003-04]Status: DisposedITAT Bangalore20 Sept 2019AY 2003-04

Bench: Shri A. K. Garodia & Shri Pavan Kumar Gadale

For Appellant: Shri Anil Kumar Rao, C. AFor Respondent: Shri Vikas Suryavamshi, Addl. CIT DR
Section 143Section 154

…e Corporation Limited in ITAs No 249/Bang/99 and 344&644/Bang/2000 for Assessment Years 1995-96,199697 and 1997-98 which have not been appealed by the Department and the decision of the Hon'ble Madras High Court in First Leasing Co of India Ltd vs ACIT [2013] 38 Taxmann.com 213 where similar reasons cited by the Department and Tribunal for holding the SLB transactions as sham were dismissed by the High court. As appellant has not gone on appeal against these orders the AO has disallowed the depreciation on these assets leased in earlier year in the assessments for AY 1995-96,1996-97 and 1997-98 and subsequent yea…

M/S Maharashtra Apex Corporation Limited, Manipal vs. Deputy Commissioner of Income Tax Circle-1, Udupi

240 & 241/Bang/2018

ITA 247/BANG/2018[2001-02]Status: DisposedITAT Bangalore20 Sept 2019AY 2001-02

Bench: Shri A. K. Garodia & Shri Pavan Kumar Gadale

For Appellant: Shri Anil Kumar Rao, C. AFor Respondent: Shri Vikas Suryavamshi, Addl. CIT DR
Section 143Section 154

…e Corporation Limited in ITAs No 249/Bang/99 and 344&644/Bang/2000 for Assessment Years 1995-96,199697 and 1997-98 which have not been appealed by the Department and the decision of the Hon'ble Madras High Court in First Leasing Co of India Ltd vs ACIT [2013] 38 Taxmann.com 213 where similar reasons cited by the Department and Tribunal for holding the SLB transactions as sham were dismissed by the High court. As appellant has not gone on appeal against these orders the AO has disallowed the depreciation on these assets leased in earlier year in the assessments for AY 1995-96,1996-97 and 1997-98 and subsequent yea…

M/S Maharashtra Apex Corporation Limited, Manipal vs. Deputy Commissioner of Income Tax Circle-1, Udupi

240 & 241/Bang/2018

ITA 245/BANG/2018[2000-01]Status: DisposedITAT Bangalore20 Sept 2019AY 2000-01

Bench: Shri A. K. Garodia & Shri Pavan Kumar Gadale

For Appellant: Shri Anil Kumar Rao, C. AFor Respondent: Shri Vikas Suryavamshi, Addl. CIT DR
Section 143Section 154

…e Corporation Limited in ITAs No 249/Bang/99 and 344&644/Bang/2000 for Assessment Years 1995-96,199697 and 1997-98 which have not been appealed by the Department and the decision of the Hon'ble Madras High Court in First Leasing Co of India Ltd vs ACIT [2013] 38 Taxmann.com 213 where similar reasons cited by the Department and Tribunal for holding the SLB transactions as sham were dismissed by the High court. As appellant has not gone on appeal against these orders the AO has disallowed the depreciation on these assets leased in earlier year in the assessments for AY 1995-96,1996-97 and 1997-98 and subsequent yea…

M/S Maharashtra Apex Corporation Limited, Manipal vs. Deputy Commissioner of Income Tax Circle-1, Udupi

240 & 241/Bang/2018

ITA 243/BANG/2018[1999-00]Status: DisposedITAT Bangalore20 Sept 2019AY 1999-00

Bench: Shri A. K. Garodia & Shri Pavan Kumar Gadale

For Appellant: Shri Anil Kumar Rao, C. AFor Respondent: Shri Vikas Suryavamshi, Addl. CIT DR
Section 143Section 154

…e Corporation Limited in ITAs No 249/Bang/99 and 344&644/Bang/2000 for Assessment Years 1995-96,199697 and 1997-98 which have not been appealed by the Department and the decision of the Hon'ble Madras High Court in First Leasing Co of India Ltd vs ACIT [2013] 38 Taxmann.com 213 where similar reasons cited by the Department and Tribunal for holding the SLB transactions as sham were dismissed by the High court. As appellant has not gone on appeal against these orders the AO has disallowed the depreciation on these assets leased in earlier year in the assessments for AY 1995-96,1996-97 and 1997-98 and subsequent yea…

First Leasing Co of India Ltd. v. ACIT (38 Taxmann.com 213) — Cited in 11 Judgments | BharatTax