Gowri Shankar Finance Limited v. CIT

248 ITR 713Reported decision#23950 most cited
3

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2017 to 2020.

Judgments citing Gowri Shankar Finance Limited v. CIT

Ifci Limited, New Delhi vs. DCIT, New Delhi

In the result ITA number, 1200/del/2011 filed by the assessee for assessment year 1999 – 2000 is allowed

ITA 1201/DEL/2011[2000-01]Status: DisposedITAT Delhi31 Aug 2020AY 2000-01

Bench: Ms Suchitra Kamble & Shri Prashant Maharishi

Section 143(2)Section 143(3)

…. B.48 The case laws relied upon by the CIT (A) to reach the erroneous conclusion of denial of depreciation are distinguishable on facts and hence the ratio is not applicable to the case of the Appellant. B.49 The case of Gowri Shankar Finance Limited v. CIT, 248 ITR 713, the assessee debited the entire cost of goods and interest in the form of lease rent against the customer such that the cost of asset (consumer durables) purchased was taken out of books. The assets were not reflected in the balance sheet and the assessee never took back the assets which were in nature of stock in trade. However, the agreement b…

Ifci Limited, New Delhi vs. DCIT, New Delhi

In the result ITA number, 1200/del/2011 filed by the assessee for assessment year 1999 – 2000 is allowed

ITA 1200/DEL/2011[1999-2000]Status: DisposedITAT Delhi31 Aug 2020AY 1999-2000

Bench: Ms Suchitra Kamble & Shri Prashant Maharishi

Section 143(2)Section 143(3)

…. B.48 The case laws relied upon by the CIT (A) to reach the erroneous conclusion of denial of depreciation are distinguishable on facts and hence the ratio is not applicable to the case of the Appellant. B.49 The case of Gowri Shankar Finance Limited v. CIT, 248 ITR 713, the assessee debited the entire cost of goods and interest in the form of lease rent against the customer such that the cost of asset (consumer durables) purchased was taken out of books. The assets were not reflected in the balance sheet and the assessee never took back the assets which were in nature of stock in trade. However, the agreement b…

Stanrose Mafatlal Investments and Finanace Ltd, Mumbai vs. ITO RG 3(3)(3), Mumbai

ITA 5440/MUM/2009[2004-05]Status: DisposedITAT Mumbai03 Nov 2017AY 2004-05
For Appellant: Shri J.D. MistriFor Respondent: Shri B.C.S. Naik-DR
Section 143(3)Section 254(1)

…that the lessee would maintain and operate the machinery,that it would also get property insured and also pay necessary taxes and other charges.Referring to judgment of M/s. Gowri Shanker Finances 5440/M/09- Stanrose Mafatlal Investments & Finance Ltd. Ltd.(248 ITR 713),he held that the assessee had wrongly claimed the depreciation amounting to Rs.6.20 lakhs and added the same to its income. 2.1.Aggrieved by the order of the AO,the assessee preferred an appeal before the First Appellate Authority(FAA)and made elaborate submissions.It also relied on certain case laws. After considering available material,the FAA…

Gowri Shankar Finance Limited v. CIT (248 ITR 713) — Cited in 3 Judgments | BharatTax