ICDS Ltd. v. CIT

350 ITR 527Supreme Court of India2013#278 most cited

What is ICDS Ltd. v. CIT authority for?

An assessee engaged in the business of hire purchase or leasing, being the lessor, is entitled to claim depreciation on assets leased out, even if the assets are registered in the name of the lessee and used by the lessee.

280

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2013 to 2025.

Also referred to as

ICDS Ltd v CIT · 350 ITR 527 · depreciation on leased assets · lessor claim depreciation · finance lease · hire purchase · business income deduction · section 37(1) · section 32 · owner for depreciation

Also reported as

29 Taxmann.com 129212 Taxmann 550

Sections most often in play

Section 143(3)Section 37(1)Section 115JBSection 14ASection 158A(1)Section 24Section 35DDASection 36(1)(vii)

Issues it is cited on

depreciation on leased assetsrecognised provident fundsection 2(26)section 36(2)(i)section 129(1)section 35ddasection 50bsection 158asection 43b(f)approved gratuity fundsection 40a(9)section 4a

Judgments citing ICDS Ltd. v. CIT

DCIT 4 (3)(1), MUMBAI vs. J M FINANCIAL SERVICES LTD., MUMBAI

In the result, Revenue‟s appeal is partly allowed

ITA 6729/MUM/2019[2014-15]Status: DisposedITAT Mumbai24 Dec 2025AY 2014-15

Bench: Shri Narender Kumar Choudhry(Jm)& Shri Prabhash Shankar (Am) The Dcit-4(3)(1) J.M. Financial Services Ltd. 7Th Floor, Cnergy, Appasaheb Room No. 649 Aayakar Bhavan Vs. Maratahe Marg M.K. Road Prabhadevi, Mumbai Mumbai-400 020. 400 025. Pan : Aaacj5977A Appellant Respondent Assessee By : Shrik. Shivram & Shri Sanjay Parikh Revenue By : Shri Vivek Perampurna Date Of Hearing : 29/10/2025 Date Of : 24/12/2025 Pronouncement O R D E R Per Narender Kumar Choudhry (Jm) :-

For Appellant: ShriK. Shivram & Shri SanjayFor Respondent: Shri Vivek Perampurna
Section 250Section 73

…ld be useful to reproduce the relevant portion of the assessment order in order to examine the argument. "The Hon'ble ITAT has given its directions to decide the issue afresh in the light of decision of Hon'ble Supreme Court in the case of "ICDS vs CIT" (2013 350 ITR 527 (SC). The crux or gist of the aforesaid decision is that where assessee is engaged in the business of hire purchase, leasing etc having purchased vehicles from manufacturers, instead of customers, it was entitled to claim depreciation in respect of vehicles so leased out. In other words, it may be said that the lessor can claim the depreciation o…

ACIT, ANAND CIRCLE, ANAND, ANAND vs. NATIONAL DAIRY DEVELOPMENT BOARD, ANAND

In the result, the appeals filed by the Revenue in ITA Nos

ITA 742/AHD/2023[2013-14]Status: DisposedITAT Ahmedabad23 Jun 2025AY 2013-14

Bench: DR. BRR Kumar, Vice President\nAnd Shri T. R. Senthil Kumar (Judicial Member)

Section 115JSection 143(3)Section 14ASection 35DSection 36(1)Section 36(1)(viii)Section 37(1)

…and\n6.2.3 of the order of CIT(A) for AY 2006-07. Attached as Annexure-\n6 (refer page no. 116 to 117).\n•\nIt is therefore requested to allow depreciation on leased\nassets.\n•\nThe issue is also covered by the decision of SC in the case of\nICDS Ltd. v. CIT 350 ITR 527\n•\nNote For AY 2006-07 the AO had framed the assessment\nu/s.147 which was subsequently quashed by the ITAT. Therefore,\nthere is no order on merits on this issue for AY 2006-07 except the\norder of the CIT(A) for AY 2006-07 allowing depreciation on leased\nassets.\n21. Per contra Ld. D.R. appearing for the Revenue supported the\norder passed by…

ACIT, ANAND CIRCLE, ANAND, ANAND vs. NATIONAL DAIRY DEVELOPMENT BOARD, ANAND

In the result, the appeals filed by the Revenue in ITA Nos

ITA 740/AHD/2023[2018-19]Status: DisposedITAT Ahmedabad23 Jun 2025AY 2018-19

Bench: DR. BRR Kumar (Vice President), Shri T. R. Senthil Kumar (Judicial Member)

Section 115JSection 143(3)Section 14ASection 35DSection 36(1)Section 36(1)(viii)Section 37(1)

…a 6.2.2 and 6.2.3 of the order of CIT(A) for AY 2006-07. Attached as Annexure– 6 (refer page no. 116 to 117). • It is therefore requested to allow depreciation on leased assets. • The issue is also covered by the decision of SC in the case of ICDS Ltd. v. CIT 350 ITR 527 • Note – For AY 2006-07 the AO had framed the assessment u/s. 147 which was subsequently quashed by the ITAT. Therefore, there is no order on merits on this issue for AY 2006-07 except the order of the CIT(A) for AY 2006-07 allowing depreciation on leased assets. 21. Per contra Ld. D.R. appearing for the Revenue supported the order passed by the…

ACIT, ANAND CIRCLE, ANAND, ANAND vs. NATIONAL DAIRY DEVELOPMENT BOARD, ANAND

In the result, the appeals filed by the Revenue in ITA Nos

ITA 739/AHD/2023[2017-18]Status: DisposedITAT Ahmedabad23 Jun 2025AY 2017-18

Bench: DR. BRR Kumar, Vice President\nAnd Shri T. R. Senthil Kumar (Judicial Member)

Section 115JSection 143(3)Section 14ASection 35DSection 36(1)Section 36(1)(viii)Section 37(1)

…d\n6.2.3 of the order of CIT(A) for AY 2006-07. Attached as Annexure-\n6 (refer page no. 116 to 117).\n\n• It is therefore requested to allow depreciation on leased\nassets.\n\n• The issue is also covered by the decision of SC in the case of\nICDS Ltd. v. CIT 350 ITR 527\n\n• Note For AY 2006-07 the AO had framed the assessment\nu/s.147 which was subsequently quashed by the ITAT. Therefore,\nthere is no order on merits on this issue for AY 2006-07 except the\norder of the CIT(A) for AY 2006-07 allowing depreciation on leased\nassets.\n\n21. Per contra Ld. D.R. appearing for the Revenue supported the\norder passed…

ACIT, ANAND CIRCLE, ANAND, ANAND vs. NATIONAL DAIRY DEVELOPMENT BOARD, ANAND

In the result, the appeals filed by the Revenue in ITA Nos

ITA 738/AHD/2023[2016-17]Status: DisposedITAT Ahmedabad23 Jun 2025AY 2016-17

Bench: DR. BRR Kumar (Vice President), Shri T. R. Senthil Kumar (Judicial Member)

Section 115JSection 143(3)Section 14ASection 35DSection 36(1)Section 36(1)(viii)Section 37(1)

…a 6.2.2 and 6.2.3 of the order of CIT(A) for AY 2006-07. Attached as Annexure– 6 (refer page no. 116 to 117). • It is therefore requested to allow depreciation on leased assets. • The issue is also covered by the decision of SC in the case of ICDS Ltd. v. CIT 350 ITR 527 • Note – For AY 2006-07 the AO had framed the assessment u/s. 147 which was subsequently quashed by the ITAT. Therefore, there is no order on merits on this issue for AY 2006-07 except the order of the CIT(A) for AY 2006-07 allowing depreciation on leased assets. 21. Per contra Ld. D.R. appearing for the Revenue supported the order passed by the…

ACIT, ANAND CIRCLE, ANAND, ANAND vs. NATIONAL DAIRY DEVELOPMENT BOARD, ANAND

In the result, the appeals filed by the Revenue in ITA Nos

ITA 737/AHD/2023[2015-16]Status: DisposedITAT Ahmedabad23 Jun 2025AY 2015-16

Bench: DR. BRR Kumar, Vice President\nAnd Shri T. R. Senthil Kumar (Judicial Member)

Section 115JSection 143(3)Section 14ASection 35DSection 36(1)Section 36(1)(viii)Section 37(1)

…and\n6.2.3 of the order of CIT(A) for AY 2006-07. Attached as Annexure-\n6 (refer page no. 116 to 117).\n•\nIt is therefore requested to allow depreciation on leased\nassets.\n•\nThe issue is also covered by the decision of SC in the case of\nICDS Ltd. v. CIT 350 ITR 527\n•\nNote For AY 2006-07 the AO had framed the assessment\nu/s.147 which was subsequently quashed by the ITAT. Therefore,\nthere is no order on merits on this issue for AY 2006-07 except the\norder of the CIT(A) for AY 2006-07 allowing depreciation on leased\nassets.\n21. Per contra Ld. D.R. appearing for the Revenue supported the\norder passed by…

ACIT, ANAND CIRCLE, ANAND, ANAND vs. NATIONAL DAIRY DEVELOPMENT BOARD, ANAND

In the result, the appeals filed by the Revenue in ITA Nos

ITA 736/AHD/2023[2014-15]Status: DisposedITAT Ahmedabad23 Jun 2025AY 2014-15

Bench: DR. BRR Kumar (Vice President), Shri T. R. Senthil Kumar (Judicial Member)

Section 115JSection 143(3)Section 14ASection 35DSection 36(1)Section 36(1)(viii)Section 37(1)

…a 6.2.2 and 6.2.3 of the order of CIT(A) for AY 2006-07. Attached as Annexure– 6 (refer page no. 116 to 117). • It is therefore requested to allow depreciation on leased assets. • The issue is also covered by the decision of SC in the case of ICDS Ltd. v. CIT 350 ITR 527 • Note – For AY 2006-07 the AO had framed the assessment u/s. 147 which was subsequently quashed by the ITAT. Therefore, there is no order on merits on this issue for AY 2006-07 except the order of the CIT(A) for AY 2006-07 allowing depreciation on leased assets. 21. Per contra Ld. D.R. appearing for the Revenue supported the order passed by the…

ACIT,ANAND CIRCLE, ANAND, ANAND vs. NATIONAL DAIRY DEVELOPMENT BOARD, ANAND

In the result, the appeals filed by the Revenue in ITA Nos

ITA 735/AHD/2023[2012-13]Status: DisposedITAT Ahmedabad23 Jun 2025AY 2012-13

Bench: DR. BRR Kumar (Vice President), Shri T. R. Senthil Kumar (Judicial Member)

Section 115JSection 143(3)Section 14ASection 35DSection 36(1)Section 36(1)(viii)Section 37(1)

…a 6.2.2 and 6.2.3 of the order of CIT(A) for AY 2006-07. Attached as Annexure– 6 (refer page no. 116 to 117). • It is therefore requested to allow depreciation on leased assets. • The issue is also covered by the decision of SC in the case of ICDS Ltd. v. CIT 350 ITR 527 • Note – For AY 2006-07 the AO had framed the assessment u/s. 147 which was subsequently quashed by the ITAT. Therefore, there is no order on merits on this issue for AY 2006-07 except the order of the CIT(A) for AY 2006-07 allowing depreciation on leased assets. 21. Per contra Ld. D.R. appearing for the Revenue supported the order passed by the…

NATIONAL DAIRY DEVELOPMENT BOARD,ANAND vs. THE DY.CIT, ANAND CIRCLE, ANAND

In the result, the appeals filed by the Revenue in ITA Nos

ITA 728/AHD/2023[2018-19]Status: DisposedITAT Ahmedabad23 Jun 2025AY 2018-19

Bench: DR. BRR Kumar (Vice President), Shri T. R. Senthil Kumar (Judicial Member)

Section 115JSection 143(3)Section 14ASection 35DSection 36(1)Section 36(1)(viii)Section 37(1)

…a 6.2.2 and 6.2.3 of the order of CIT(A) for AY 2006-07. Attached as Annexure– 6 (refer page no. 116 to 117). • It is therefore requested to allow depreciation on leased assets. • The issue is also covered by the decision of SC in the case of ICDS Ltd. v. CIT 350 ITR 527 • Note – For AY 2006-07 the AO had framed the assessment u/s. 147 which was subsequently quashed by the ITAT. Therefore, there is no order on merits on this issue for AY 2006-07 except the order of the CIT(A) for AY 2006-07 allowing depreciation on leased assets. 21. Per contra Ld. D.R. appearing for the Revenue supported the order passed by the…

NATIONAL DAIRY DEVELOPMENT BOARD,ANAND vs. THE DY.CIT, ANAND CIRCLE, ANAND

In the result, the appeals filed by the Revenue in ITA Nos

ITA 727/AHD/2023[2017-18]Status: DisposedITAT Ahmedabad23 Jun 2025AY 2017-18
Section 115JSection 143(3)Section 14ASection 35DSection 36(1)Section 36(1)(viii)Section 37(1)

…n6.2.3 of the order of CIT(A) for AY 2006-07. Attached as Annexure-\n6 (refer page no. 116 to 117).\n\n•\nIt is therefore requested to allow depreciation on leased\nassets.\n\n•\nThe issue is also covered by the decision of SC in the case of\nICDS Ltd. v. CIT 350 ITR 527\n\n•\nNote For AY 2006-07 the AO had framed the assessment\nu/s.147 which was subsequently quashed by the ITAT. Therefore,\nthere is no order on merits on this issue for AY 2006-07 except the\norder of the CIT(A) for AY 2006-07 allowing depreciation on leased\nassets.\n\n21. Per contra Ld. D.R. appearing for the Revenue supported the\norder passe…

NATIONAL DAIRY DEVELOPMENT BOARD,ANAND vs. THE DY.CIT, ANAND CIRCLE, ANAND

In the result, the appeals filed by the Revenue in ITA Nos

ITA 726/AHD/2023[2016-17]Status: DisposedITAT Ahmedabad23 Jun 2025AY 2016-17

Bench: DR. BRR Kumar (Vice President), Shri T. R. Senthil Kumar (Judicial Member)

Section 115JSection 143(3)Section 14ASection 35DSection 36(1)Section 36(1)(viii)Section 37(1)

…a 6.2.2 and 6.2.3 of the order of CIT(A) for AY 2006-07. Attached as Annexure– 6 (refer page no. 116 to 117). • It is therefore requested to allow depreciation on leased assets. • The issue is also covered by the decision of SC in the case of ICDS Ltd. v. CIT 350 ITR 527 • Note – For AY 2006-07 the AO had framed the assessment u/s. 147 which was subsequently quashed by the ITAT. Therefore, there is no order on merits on this issue for AY 2006-07 except the order of the CIT(A) for AY 2006-07 allowing depreciation on leased assets. 21. Per contra Ld. D.R. appearing for the Revenue supported the order passed by the…

NATIONAL DAIRY DEVELOPMENT BOARD,ANAND vs. THE DY.CIT, ANAND CIRCLE, ANAND

In the result, the appeals filed by the Revenue in ITA Nos

ITA 725/AHD/2023[2015-16]Status: DisposedITAT Ahmedabad23 Jun 2025AY 2015-16

Bench: DR. BRR Kumar, Vice President\nAnd Shri T. R. Senthil Kumar (Judicial Member)

Section 115JSection 143(3)Section 14ASection 35DSection 36(1)Section 36(1)(viii)Section 37(1)

…d\n6.2.3 of the order of CIT(A) for AY 2006-07. Attached as Annexure-\n6 (refer page no. 116 to 117).\n\n• It is therefore requested to allow depreciation on leased\nassets.\n\n• The issue is also covered by the decision of SC in the case of\nICDS Ltd. v. CIT 350 ITR 527\n\n• Note For AY 2006-07 the AO had framed the assessment\nu/s.147 which was subsequently quashed by the ITAT. Therefore,\nthere is no order on merits on this issue for AY 2006-07 except the\norder of the CIT(A) for AY 2006-07 allowing depreciation on leased\nassets.\n\n21. Per contra Ld. D.R. appearing for the Revenue supported the\norder passed…

NATIONAL DAIRY DEVELOPMENT BOARD,ANAND vs. THE DY.CIT, ANAND CIRCLE, ANAND

In the result, the appeals filed by the Revenue in ITA Nos

ITA 724/AHD/2023[2014-15]Status: DisposedITAT Ahmedabad23 Jun 2025AY 2014-15

Bench: DR. BRR Kumar (Vice President), Shri T. R. Senthil Kumar (Judicial Member)

Section 115JSection 143(3)Section 14ASection 35DSection 36(1)Section 36(1)(viii)Section 37(1)

…a 6.2.2 and 6.2.3 of the order of CIT(A) for AY 2006-07. Attached as Annexure– 6 (refer page no. 116 to 117). • It is therefore requested to allow depreciation on leased assets. • The issue is also covered by the decision of SC in the case of ICDS Ltd. v. CIT 350 ITR 527 • Note – For AY 2006-07 the AO had framed the assessment u/s. 147 which was subsequently quashed by the ITAT. Therefore, there is no order on merits on this issue for AY 2006-07 except the order of the CIT(A) for AY 2006-07 allowing depreciation on leased assets. 21. Per contra Ld. D.R. appearing for the Revenue supported the order passed by the…

NATIONAL DAIRY DEVELOPMENT BOARD,ANAND vs. THE DY.CIT, ANAND CIRCLE, ANAND

In the result, the appeals filed by the Revenue in ITA Nos

ITA 723/AHD/2023[2013-14]Status: DisposedITAT Ahmedabad23 Jun 2025AY 2013-14

Bench: DR. BRR Kumar (Vice President), Shri T. R. Senthil Kumar (Judicial Member)

Section 115JSection 143(3)Section 14ASection 35DSection 36(1)Section 36(1)(viii)Section 37(1)

…a 6.2.2 and 6.2.3 of the order of CIT(A) for AY 2006-07. Attached as Annexure– 6 (refer page no. 116 to 117). • It is therefore requested to allow depreciation on leased assets. • The issue is also covered by the decision of SC in the case of ICDS Ltd. v. CIT 350 ITR 527 • Note – For AY 2006-07 the AO had framed the assessment u/s. 147 which was subsequently quashed by the ITAT. Therefore, there is no order on merits on this issue for AY 2006-07 except the order of the CIT(A) for AY 2006-07 allowing depreciation on leased assets. 21. Per contra Ld. D.R. appearing for the Revenue supported the order passed by the…

NATIONAL DAIRY DEVELOPMENT BOARD,ANAND vs. THE DY.CIT, ANAND CIRCLE, ANAND

In the result, the appeals filed by the Revenue in ITA Nos

ITA 722/AHD/2023[2012-13]Status: DisposedITAT Ahmedabad23 Jun 2025AY 2012-13

Bench: DR. BRR Kumar (Vice President), Shri T. R. Senthil Kumar (Judicial Member)

Section 115JSection 143(3)Section 14ASection 35DSection 36(1)Section 36(1)(viii)Section 37(1)

…a 6.2.2 and 6.2.3 of the order of CIT(A) for AY 2006-07. Attached as Annexure– 6 (refer page no. 116 to 117). • It is therefore requested to allow depreciation on leased assets. • The issue is also covered by the decision of SC in the case of ICDS Ltd. v. CIT 350 ITR 527 • Note – For AY 2006-07 the AO had framed the assessment u/s. 147 which was subsequently quashed by the ITAT. Therefore, there is no order on merits on this issue for AY 2006-07 except the order of the CIT(A) for AY 2006-07 allowing depreciation on leased assets. 21. Per contra Ld. D.R. appearing for the Revenue supported the order passed by the…

ACIT-6(1)(1), MUMBAI, MUMBAI vs. ADITYA BIRLA FINANCIAL SHARED SERVICES LIMITED, MUMBAI

In the result, both the appeals of the Revenue are allowed and Cross objections I and II of the assessee are partly allowed

ITA 3332/MUM/2023[2016-17]Status: DisposedITAT Mumbai26 May 2025AY 2016-17

Bench: SHRI SANDEEP GOSAIN (Judicial Member), SHRI PRABHASH SHANKAR (Accountant Member)

For Appellant: Shri Yogesh Thar & Shri Urvish ShahFor Respondent: Shri Ram Krishn Kedia (Sr.DR)
Section 143(3)Section 32

…. Besides, the terms of conditions make it fairly evident that this not a case of Finance Lease as is being claimed by the assessee.. 8.1 In this respect, it will be relevant to examine the landmark decision in the case of I.C.D.S. Ltd. vs. CIT & Anr. (2013) 350 ITR 527 (SC) which has laid down various parameters which are decisive in such matters. ICDS is an NBFC engaged in the business of hire purchase, leasing and real estate etc. The issue came up for consideration when ICDS (the lessor or the assessee) claimed depreciation on the assets leased out by it, i.e. financed by it but registered in the name of the…

ACIT-6(1)(1), MUMBAI, MUMBAI vs. ADITYA BIRLA FINANCIAL SHARED SERVICES LIMITED, MUMBAI

In the result, both the appeals of the Revenue are allowed and\nCross objections I and II of the assessee are partly allowed

ITA 3331/MUM/2023[2017-18]Status: DisposedITAT Mumbai26 May 2025AY 2017-18
Section 143(3)Section 32

…ides,\nthe terms of conditions make it fairly evident that this not a case of Finance\nLease as is being claimed by the assessee..\n\n8.1 In this respect, it will be relevant to examine the landmark decision\nin the case of I.C.D.S. Ltd. vs. CIT & Anr. (2013) 350 ITR 527 (SC) which has\nlaid down various parameters which are decisive in such matters. ICDS is an\nNBFC engaged in the business of hire purchase, leasing and real estate etc. The\nissue came up for consideration when ICDS (the lessor or the assessee) claimed\ndepreciation on the assets leased out by it, i.e. financed by it but registered in\nthe name o…

MMTC LTD vs. DCIT CIRCLE 5(1),

In the result the appeal of the assessee is allowed

ITA 2732/DEL/2006[2004-2005]Status: DisposedITAT Delhi23 Apr 2025AY 2004-2005

Bench: Shri M. Balaganesh & Shri Yogesh Kumar U.S.Clix Capital Services Pvt. Ltd, Vs. Pcit, Plot No. 23, 5Th Floor, Aggarwal Delhi-1, Delhi Corporate Tower Govind Lal Sikka Marg, Rajendra Place, West Delhi, New Delhi, Delhi, India, 110008 (Appellant) (Respondent) Pan: Aaacc0642F

For Appellant: Shri Ajay Vohra, Sr. AdvFor Respondent: Shri Sanjay Kumar Bharati, CIT DR
Section 139(1)Section 143(3)Section 144BSection 263Section 37

…ing the entire details of depreciation together with a detailed explanation for allowability of depreciation on assets given on finance lease by specifically placing reliance on the decision of the Hon'ble Supreme Court in the case of ICDS Vs. CIT reported in 350 ITR 527 (SC), wherein, it was held that the lessee is the owner of the assets given on finance lease and hence, eligible to the claim of depreciation. It was also clarified that assessee had duly offered the principal portion of the lease rental for assets given by finance lease to tax in the return of income itself. The ld AO on appreciating this reply…

CLIX CAPITAL SERVICES PRIVATE LIMITED,DELHI vs. PRINCIPAL COMMISSIONER OF INCOME TAX, DELHI-1, DELHI

In the result the appeal of the assessee is allowed

ITA 2732/DEL/2024[2018-19]Status: DisposedITAT Delhi15 Apr 2025AY 2018-19

Bench: Shri M. Balaganesh & Shri Yogesh Kumar U.S.Clix Capital Services Pvt. Ltd, Vs. Pcit, Plot No. 23, 5Th Floor, Aggarwal Delhi-1, Delhi Corporate Tower Govind Lal Sikka Marg, Rajendra Place, West Delhi, New Delhi, Delhi, India, 110008 (Appellant) (Respondent) Pan: Aaacc0642F

For Appellant: Shri Ajay Vohra, Sr. AdvFor Respondent: Shri Sanjay Kumar Bharati, CIT DR
Section 139(1)Section 143(3)Section 144BSection 263Section 37

…ing the entire details of depreciation together with a detailed explanation for allowability of depreciation on assets given on finance lease by specifically placing reliance on the decision of the Hon'ble Supreme Court in the case of ICDS Vs. CIT reported in 350 ITR 527 (SC), wherein, it was held that the lessee is the owner of the assets given on finance lease and hence, eligible to the claim of depreciation. It was also clarified that assessee had duly offered the principal portion of the lease rental for assets given by finance lease to tax in the return of income itself. The ld AO on appreciating this reply…

ACIT-6(1)(1),MUMBAI, MUMBAI vs. ADITYA BIRLA FINANCIAL SHARED SERVICES LIMITED, MUMBAI

In the result, appeal of the Revenue is allowed and Cross\nobjections of the assessee are partly allowed

ITA 3333/MUM/2023[2011-12]Status: DisposedITAT Mumbai04 Mar 2025AY 2011-12
Section 143(3)Section 148Section 32

…n deciding this issue which is intrinsically a factual issue based on the terms of\nagreement between the lessor and the lessee.\n\n7.1 In this respect, it will be worthwhile to examine the landmark decision in the\ncase of I.C.D.S. Ltd. vs. CIT & Anr. (2013) 350 ITR 527 (SC) which has lays\ndown various parameters which are decisive in such matters. ICDS is an NBFC\nengaged in the business of hire purchase, leasing and real estate etc. The issue came\ninto question when ICDS (the lessor or the assessee) claimed depreciation on the\nassets leased out by it, i.e. financed by it but registered in the name of the le…

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