ICDS Ltd. v. CIT

350 ITR 527Supreme Court of India2013#280 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 367,154 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, Hisar vs. Jindal Steel & Power Ltd., Hisar

In the result, the appeal filed by the Revenue for the Assessment Year 2008-09 is dismissed

ITA 341/DEL/2010[2006-07]Status: DisposedITAT Delhi01 Dec 2021AY 2006-07

Bench: Shri Amit Shukla & Dr. B.R.R. Kumar(Through Video Conferencing)

For Appellant: Shri Salil Kapoor, AdvocateFor Respondent: Date of Hearing
Section 115JSection 143(3)Section 234BSection 80H

…32 of the Act, while the lessee can claim expense on account of lease rental payments comprising of principal as well as interest amount. 150. The aforesaid legal position finds support from the decision of the Supreme Court in the case of ICDS Ltd. vs. CIT: 350 ITR 527, wherein the Court held that the lessor is the owner of the leased property in case of finance lease and entitled to depreciation in respect of the same. 151. In the present case, the agreement entered into between the appellant and GE, the lessor and owner of the aircraft, is, undoubtedly a lease agreement. During the lease period, the ownership…

ACIT, Hisar vs. M/S Jindal Steel & Power Ltd., Hisar

In the result, the appeal filed by the Revenue for the Assessment Year 2008-09 is dismissed

ITA 220/DEL/2009[2003-04]Status: DisposedITAT Delhi01 Dec 2021AY 2003-04

Bench: Shri Amit Shukla & Dr. B.R.R. Kumar(Through Video Conferencing)

For Appellant: Shri Salil Kapoor, AdvocateFor Respondent: Date of Hearing
Section 115JSection 143(3)Section 234BSection 80H

…32 of the Act, while the lessee can claim expense on account of lease rental payments comprising of principal as well as interest amount. 150. The aforesaid legal position finds support from the decision of the Supreme Court in the case of ICDS Ltd. vs. CIT: 350 ITR 527, wherein the Court held that the lessor is the owner of the leased property in case of finance lease and entitled to depreciation in respect of the same. 151. In the present case, the agreement entered into between the appellant and GE, the lessor and owner of the aircraft, is, undoubtedly a lease agreement. During the lease period, the ownership…

Jindal Steel & Power Limited vs. Addl. CIT

In the result, the appeal filed by the Revenue for the Assessment Year 2008-09 is dismissed

ITA 167/DEL/2009[2003-04]Status: DisposedITAT Delhi01 Dec 2021AY 2003-04

Bench: Shri Amit Shukla & Dr. B.R.R. Kumar(Through Video Conferencing)

For Appellant: Shri Salil Kapoor, AdvocateFor Respondent: Date of Hearing
Section 115JSection 143(3)Section 234BSection 80H

…32 of the Act, while the lessee can claim expense on account of lease rental payments comprising of principal as well as interest amount. 150. The aforesaid legal position finds support from the decision of the Supreme Court in the case of ICDS Ltd. vs. CIT: 350 ITR 527, wherein the Court held that the lessor is the owner of the leased property in case of finance lease and entitled to depreciation in respect of the same. 151. In the present case, the agreement entered into between the appellant and GE, the lessor and owner of the aircraft, is, undoubtedly a lease agreement. During the lease period, the ownership…

Philips India Limited vs. Principal Commissioner of Income Tax, Kolkata

The appeal is allowed and the order

ITAT/238/2017HC Calcutta17 Nov 2021

Bench: HON'BLE JUSTICE T. S. SIVAGNANAM,HON'BLE JUSTICE HIRANMAY BHATTACHARYYA

Section 142(1)Section 143(2)Section 143(3)Section 254Section 260ASection 37Section 37(1)

…ee is entitled for deduction. Aggrieved by the same, the revenue preferred appeal before the tribunal. In the revenue’s appeal, the assessee made a specific submission by placing reliance on the decision of the Supreme Court in ICDS Ltd. vs. CIT reported in 350 ITR 527(SC). The assessee submitted that the facts of the case in ICDS were identical to that of the assessee’s case and as the assessee had paid the lease rental towards cars taken on financial lease, they were entitled to claim 4 deduction. The submissions made before the tribunal were in a tabulated form where it was also specifically pointed out…

Bhag Chand Chhabra A Hindu Undivided Family vs. Principal Commissioner of Income Tax 12

In the result, the appeal (ITA/62/2018) is dismissed

ITAT/62/2018HC Calcutta11 Nov 2021

Bench: HON'BLE JUSTICE T. S. SIVAGNANAM,HON'BLE JUSTICE HIRANMAY BHATTACHARYYA

Section 143(3)

…s not claimed any depreciation as per provisions of the Act 1961 and instead had claimed the entire lease rental as revenue expenditure. 10. Relying upon the judgment of the Hon’ble Supreme Court in the case of I.C.D.S. Ltd. & Anr. v. CIT reported in (2013) 350 ITR 527 (SC) and a judgment of Rajasthan High Court (Jaipur Bench) in Rajshree Roadways v. Union of India & Ors. reported in (2003) 263 ITR 206 (Raj.), the Tribunal held that the issue of 5 lease rent is covered by the aforesaid judgment of the Hon’ble Supreme Court and hence the order passed by the Assessing Officer by taking one possible view, cannot…

M/S Intel Technology India Pvt Ltd, Bangalore vs. Assistant Commissioner of Income Tax Large Tax Payers Unit Circle-1, Bangalore

In the result appeal filed by assessee stands allowed for statistical purposes

ITA 1280/BANG/2018[2011-12]Status: DisposedITAT Bangalore11 Oct 2021AY 2011-12

Bench: Shri Chandra Poojari & Smt. Beena Pillaiit(Tp)A No. 1280/Bang/2018 Assessment Year : 2011-12 M/S. Intel Technology India Pvt. Ltd., The Assistant 5Th Floor, Embassy Paragon Commissioner Of Building, Thoobarahali Income Tax, Village, Ltu, Circle – 1, Itpl Road, Vs. Bangalore. Bangalore – 560 037. Pan: Aaaci5394J Appellant Respondent Assessee By : Shri Sharath Rao, Ca : Ms. Neera Malhotra, Revenue By Cit (Dr) Date Of Hearing : 18-08-2021 Date Of Pronouncement : 11-10-2021 Order Per Beena Pillaipresent Appeal Has Been Filed By Assessee Against Final Assessment Order Dated 27.02.2015 Passed U/S. 143(3) R.W.S. 144C Of The Act For Assessment Year 2011-12. Brief Facts Of The Case Are As Under: 2. The Assessee Is Engaged In The Business Of Software Development, Sales & Support Services, Technology & Hardware Design Support & Investment Management Services.

For Appellant: Shri Sharath Rao, CA
Section 143(2)Section 143(3)Section 144CSection 253(1)(a)Section 92Section 92C

…on facts, in disregarding the judicial precedents relied upon by the Appellant in relation to treatment of lease rentals in a lease transaction, thereby specifically disregarding the decision of Honourable Supreme Court in the case of I.C.D.S Limited vs CIT [350 ITR 527] which was subsequently followed by the jurisdictional Honourable Bangalore Tribunal in the case of JCIT vs HP India Sales Private Limited ['TA No 1134 & 1136 of 2014] and held in favour of the Assessee. 2.6. The Hon'ble CIT (A) has erred, in law and on facts, by stating that the absence of confirmation from GE Money would render the claim of the…

DCIT, Circle- 11(1), New Delhi vs. Hcl Comnet Systems and Services Ltd., New Delhi

ITA 385/DEL/2018[2013-14]Status: DisposedITAT Delhi25 Aug 2021AY 2013-14

Bench: Shri Anil Chaturvedi & Shri Kuldip Singh(Through Video Conference)

For Appellant: Shri Aditya Vohra, AdvocateFor Respondent: Ms. Anima Baranwal, Senior DR
Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL (DELHI BENCH ‘C’ : NEW DELHI) BEFORE SHRI ANIL CHATURVEDI, ACCOUNTANT MEMBER and SHRI KULDIP SINGH, JUDICIAL MEMBER (THROUGH VIDEO CONFERENCE) ITA No.135/Del./2018 (ASSESSMENT YEAR : 2013-14) M/s. HCL Comnet Ltd., vs. DCIT, Circle 11 (1), 806, Siddharth, 96, Nehru Place, New Delhi. New Delhi – 110 019. (PAN : AAACH9667H) ITA No.136/Del./2018 (ASSESSMENT YEAR : 2013-14) ITA No.137/Del./2018 (ASSESSMENT YEAR : 2014-15) M/s. HCL Comnet Systems & Services Ltd., vs. DCIT, 806, Siddharth, 96, Nehru Place, Circle 11(1), New Delhi – 110 019. New Delhi. (PAN : AAACH3130M) ITA No.385…

Hcl Comnet Systems & Services Ltd., New Delhi vs. DCIT, Circle- 11(1), New Delhi

ITA 137/DEL/2018[2014-15]Status: DisposedITAT Delhi25 Aug 2021AY 2014-15

Bench: Shri Anil Chaturvedi & Shri Kuldip Singh(Through Video Conference)

For Appellant: Shri Aditya Vohra, AdvocateFor Respondent: Ms. Anima Baranwal, Senior DR
Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL (DELHI BENCH ‘C’ : NEW DELHI) BEFORE SHRI ANIL CHATURVEDI, ACCOUNTANT MEMBER and SHRI KULDIP SINGH, JUDICIAL MEMBER (THROUGH VIDEO CONFERENCE) ITA No.135/Del./2018 (ASSESSMENT YEAR : 2013-14) M/s. HCL Comnet Ltd., vs. DCIT, Circle 11 (1), 806, Siddharth, 96, Nehru Place, New Delhi. New Delhi – 110 019. (PAN : AAACH9667H) ITA No.136/Del./2018 (ASSESSMENT YEAR : 2013-14) ITA No.137/Del./2018 (ASSESSMENT YEAR : 2014-15) M/s. HCL Comnet Systems & Services Ltd., vs. DCIT, 806, Siddharth, 96, Nehru Place, Circle 11(1), New Delhi – 110 019. New Delhi. (PAN : AAACH3130M) ITA No.385…

Hcl Comnet Systems & Services Ltd., New Delhi vs. DCIT, Circle- 11(1), New Delhi

ITA 136/DEL/2018[2013-14]Status: DisposedITAT Delhi25 Aug 2021AY 2013-14

Bench: Shri Anil Chaturvedi & Shri Kuldip Singh(Through Video Conference)

For Appellant: Shri Aditya Vohra, AdvocateFor Respondent: Ms. Anima Baranwal, Senior DR
Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL (DELHI BENCH ‘C’ : NEW DELHI) BEFORE SHRI ANIL CHATURVEDI, ACCOUNTANT MEMBER and SHRI KULDIP SINGH, JUDICIAL MEMBER (THROUGH VIDEO CONFERENCE) ITA No.135/Del./2018 (ASSESSMENT YEAR : 2013-14) M/s. HCL Comnet Ltd., vs. DCIT, Circle 11 (1), 806, Siddharth, 96, Nehru Place, New Delhi. New Delhi – 110 019. (PAN : AAACH9667H) ITA No.136/Del./2018 (ASSESSMENT YEAR : 2013-14) ITA No.137/Del./2018 (ASSESSMENT YEAR : 2014-15) M/s. HCL Comnet Systems & Services Ltd., vs. DCIT, 806, Siddharth, 96, Nehru Place, Circle 11(1), New Delhi – 110 019. New Delhi. (PAN : AAACH3130M) ITA No.385…

Hcl Comnet Ltd., New Delhi vs. DCIT, Circle- 11(1), New Delhi

ITA 135/DEL/2018[2013-14]Status: DisposedITAT Delhi25 Aug 2021AY 2013-14

Bench: Shri Anil Chaturvedi & Shri Kuldip Singh(Through Video Conference)

For Appellant: Shri Aditya Vohra, AdvocateFor Respondent: Ms. Anima Baranwal, Senior DR
Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL (DELHI BENCH ‘C’ : NEW DELHI) BEFORE SHRI ANIL CHATURVEDI, ACCOUNTANT MEMBER and SHRI KULDIP SINGH, JUDICIAL MEMBER (THROUGH VIDEO CONFERENCE) ITA No.135/Del./2018 (ASSESSMENT YEAR : 2013-14) M/s. HCL Comnet Ltd., vs. DCIT, Circle 11 (1), 806, Siddharth, 96, Nehru Place, New Delhi. New Delhi – 110 019. (PAN : AAACH9667H) ITA No.136/Del./2018 (ASSESSMENT YEAR : 2013-14) ITA No.137/Del./2018 (ASSESSMENT YEAR : 2014-15) M/s. HCL Comnet Systems & Services Ltd., vs. DCIT, 806, Siddharth, 96, Nehru Place, Circle 11(1), New Delhi – 110 019. New Delhi. (PAN : AAACH3130M) ITA No.385…

DCIT, Circle- 11(1), New Delhi vs. Hcl Comnet Systems & Services Ltd., New Delhi

ITA 100/DEL/2018[2014-15]Status: DisposedITAT Delhi25 Aug 2021AY 2014-15

Bench: Shri Anil Chaturvedi & Shri Kuldip Singh(Through Video Conference)

For Appellant: Shri Aditya Vohra, AdvocateFor Respondent: Ms. Anima Baranwal, Senior DR
Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL (DELHI BENCH ‘C’ : NEW DELHI) BEFORE SHRI ANIL CHATURVEDI, ACCOUNTANT MEMBER and SHRI KULDIP SINGH, JUDICIAL MEMBER (THROUGH VIDEO CONFERENCE) ITA No.135/Del./2018 (ASSESSMENT YEAR : 2013-14) M/s. HCL Comnet Ltd., vs. DCIT, Circle 11 (1), 806, Siddharth, 96, Nehru Place, New Delhi. New Delhi – 110 019. (PAN : AAACH9667H) ITA No.136/Del./2018 (ASSESSMENT YEAR : 2013-14) ITA No.137/Del./2018 (ASSESSMENT YEAR : 2014-15) M/s. HCL Comnet Systems & Services Ltd., vs. DCIT, 806, Siddharth, 96, Nehru Place, Circle 11(1), New Delhi – 110 019. New Delhi. (PAN : AAACH3130M) ITA No.385…

Addl.CIT, Special Range-4, New Delhi vs. Gillettee Diversified Operations Pvt. Ltd., New Delhi

In the result, the appeal of the Department stands dismissed

ITA 1141/DEL/2018[2014-15]Status: DisposedITAT Delhi30 Jun 2021AY 2014-15
Section 32

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘C’: NEW DELHI (Through Video Conferencing) BEFORE, SHRI N.K. BILLAIYA, ACCOUNTANT MEMBER AND SHRI SUDHANSHU SRIVASTAVA, JUDICIAL MEMBER Addl. CIT, M/s Gillette Special Range-4, Diversified Operations New Delhi. Vs. Pvt. Ltd., P&G Plaza, Gardinal Gracious Road, Chakala, Andhery (East) Mumbai-400 099 PAN –AAACG 2469C (Appellant) (Respondent) Appellant By Ms. Sunita Singh, CIT-DR Respondent by Sh. R. K. Kapoor, CA Date of Hearing 06.04.2021 Date of Pronouncement 30.06.2021 ORDER PER SUDHANSHU SRIVASTAVA, JM: This appeal is preferred by the Department aga…

Dy CIT Circle-3, Thane vs. M/S Samarth Lifters Pvt Ltd., Thane

In the result, appeal of the assessee is Allowed

ITA 6719/MUM/2019[2012-13]Status: DisposedITAT Mumbai10 Jun 2021AY 2012-13

Bench: Shri C.N. Prasad & Shri S. Rifaur Rahman

For Appellant: Shri Subodh RatnaparkhiFor Respondent: Shri Sanjeev Kashyap

…IN THE INCOME TAX APPELLATE TRIBUNAL “E” BENCH, MUMBAI BEFORE SHRI C.N. PRASAD, JUDICIAL MEMBER AND SHRI S. RIFAUR RAHMAN, ACCOUNTANT MEMBER ITA no.6719/Mum./2019 (Assessment Year : 2012–13) Dy. Commissioner of Income Tax ……………. Appellant Circle–3, Thane v/s M/s. Samarth Lifters Pvt. Ltd. Opp. Anand Nagar Octroi Naka Naa Building, Next to Maa ……………. Respondent Niketan School, Easter Express Highway, Kopari, Thane (West) 400 601 PAN –+ AACCS6646K Assessee by : Shri Subodh Ratnaparkhi Revenue by : Shri Sanjeev Kashyap Date of Hearing – 08.04.2021 Date of Order – 10.06.2021 O R D E R PER S. RIFAUR RAHMAN, A.M.…

M/S Rato Dratsang vs. The Income Tax Officer

The appeal is dismissed

ITA/22/2018HC Karnataka23 Feb 2021

Bench: SATISH CHANDRA SHARMA,V SRISHANANDA

Section 143(2)Section 260

…1 IN THE HIGH COURT OF KARNATAKA AT BENGALURU DATED THIS THE 23RD DAY OF FEBRUARY, 2021 PRESENT THE HON’BLE MR. JUSTICE SATISH CHANDRA SHARMA AND THE HON’BLE MR. JUSTICE V. SRISHANANDA I.T.A. NO.22/2018 BETWEEN M/S RATO DRATSANG REP. BY ITS SECRETARY SRI KHEDUP LAMA CAMP NO.2 TIBETAN COLONY TATTIHALLI TQ. MUNDAGOD KARWAR, UTTAR KANNADA-581411 PAN: AAAAR8400L …APPELLANT (BY SRI V.CHANDRASHEKAR, FOR SRI M LAVA, ADVOCATES) AND THE INCOME TAX OFFICER (EXEMPTIONS), WARD NO.1 C R BUILDING, ATTAVARA MANGALURU-575 001 …RESPONDENT (BY SRI K.V.ARAVIND, ADVOCATE) THIS I.T.A. IS FILED UNDER…

Addl.CIT, Special Range-4, New Delhi vs. Gillettee Diversified Operations Pvt. Ltd., New Delhi

In the result, appeal of the assessee is allowed for statistical purpose and the appeal of the Revenue is dismissed

ITA 1698/DEL/2018[2012-13]Status: DisposedITAT Delhi03 Feb 2021AY 2012-13

Bench: Shri Anil Chaturvedi & Shri K. Narasimha Charyassessment Year: 2012-13

For Appellant: Sh. R.K. Kapoor, CAFor Respondent: Sh. Surender Pal, Sr. DR
Section 250

…nt had filed appeal against these orders before ITAT, Delhi. Ld. CIT(A), however, by following the earlier order of CIT(A) for AY 2011-12 allowed the relief to the assessee keeping in view the judgments of Hon’ble Supreme Court in the case of ICDS Ltd. v. CIT 350 ITR 527 andCIT v. H. B. Leasing & Finance Ltd. 360 ITR 362 granted relief in the appeal. 15. Ld. AR submitted that this issue also came up for consideration in assessee’s own case for the A. Y. 2010-11 before a coordinate Bench of this Tribunal in ITA no. 5736/Del/2015 filed by the Revenue and a coordinate Bench of this Tribunal held in that the issue i…

Gillettee Diversified Operations Pvt. Ltd., New Delhi vs. DCIT, Circle-10(1), New Delhi

In the result, appeal of the assessee is allowed for statistical purpose and the appeal of the Revenue is dismissed

ITA 1161/DEL/2018[2012-13]Status: DisposedITAT Delhi03 Feb 2021AY 2012-13

Bench: Shri Anil Chaturvedi & Shri K. Narasimha Charyassessment Year: 2012-13

For Appellant: Sh. R.K. Kapoor, CAFor Respondent: Sh. Surender Pal, Sr. DR
Section 250

…nt had filed appeal against these orders before ITAT, Delhi. Ld. CIT(A), however, by following the earlier order of CIT(A) for AY 2011-12 allowed the relief to the assessee keeping in view the judgments of Hon’ble Supreme Court in the case of ICDS Ltd. v. CIT 350 ITR 527 andCIT v. H. B. Leasing & Finance Ltd. 360 ITR 362 granted relief in the appeal. 15. Ld. AR submitted that this issue also came up for consideration in assessee’s own case for the A. Y. 2010-11 before a coordinate Bench of this Tribunal in ITA no. 5736/Del/2015 filed by the Revenue and a coordinate Bench of this Tribunal held in that the issue i…

Hewlett-Packard India Sales Private Limited vs. The Commissioner of Income Tax

In the result, the order of the

ITA/142/2013HC Karnataka30 Nov 2020

Bench: ALOK ARADHE,H.T. NARENDRA PRASAD

Section 260Section 260ASection 32

…l has been filed. 5 4. Learned counsel for the assessee submitted that the substantial questions of law involved in this appeal is squarely covered by decision of the Supreme Court in I.C.D.S. LTD. VS. COMMISSIONER OF INCOME- TAX AND ANOTHER , (2013) 350 ITR 527 (SC). It is further pointed out that the tribunal in case of the assessee for the Assessment Year 2002-03 by an order dated 30.10.2015 had permitted deduction under Section 32 of the Act on the depreciation on assets given on lease. Subsequently, the tribunal by placing reliance on its aforesaid order for the Assessment Year 2003-04, by an…

DCIT, Circle - 2(2), Kolkata vs. Naba Diganta Water Management Limited, Kolkata

Appeal is dismissed

ITA 1794/KOL/2019[2013-14]Status: DisposedITAT Kolkata21 Oct 2020AY 2013-14

Bench: Shri P.M.Jagtap, Vice- & Shri S.S.Godaraassessment Year:2013-14 Dcit, Circle-2(2) M/S Naba Diganta Water Aayakar Bhawan, Room Management Ltd., Gn-11- बनाम / No. 24, 7Th Floor, P-7, 19, Salt Lake, Sector-V, Vs. Chowringhee Square, Kolkata-700 091 Kolkata-700 069 [Pan No.Aaccn 6958 P] .. अपीलाथ" /Appellant ""यथ" /Respondent

Section 143(3)Section 32(1)(ii)

…of right to use and enjoy property, including right to transmit it to others .... The right of one or more persons or use a thing to the exclusion of others." The AR. has relied upon the decision of the Hon'ble Supreme Court in case of ICDS Ltd vs. CIT (2013) 350 ITR 527 (SC) and in Mysore Minerals v CIT [1999] 239 ITR 755, wherein the term "Owner" in the context of depreciation belongs to a person, who has invested in the assets; is utilizing the asset; thereby gradually losing the value of investment on account of wear and tear of the asset. Further, reliance written submission also placed on decision of the Hy…

M/S. Nxp India Private Limited, Bangalore vs. The Principal Commissioner of Income Tax- 6, New Delhi

In the result, the appeal of the assessee is dismissed

ITA 1343/BANG/2019[2012-13]Status: DisposedITAT Bangalore09 Oct 2020AY 2012-13

Bench: Shri N.V. Vasudevan & Shri B.R. Baskaranm/S.Nxp India Private Limited, (Succor Of Nxp Semiconductors India Pvt. Ltd.) Ground Floor, Manyata Tech Park, Greenheart Phase Iii, Nagawara, Bangalore. ….Appellant Pan Aaacz 1978P Vs. Principal Commissioner Of Income Tax-6, I.P.Estate, New Delhi-110 002 ……Respondent. Assessee By: Shri Vikram Vijayraghavan, Advocate. Revenue By: Shri Pradeep Kumar, Cit (D.R)

For Appellant: Shri Vikram Vijayraghavan, AdvocateFor Respondent: Shri Pradeep Kumar, CIT (D.R)
Section 263Section 37

…IN THE INCOME TAX APPELLATE TRIBUNAL BANGALORE BENCHES “ C ” BENCH: BANGALORE BEFORE SHRI N.V. VASUDEVAN, VICE PRESIDENT AND SHRI B.R. BASKARAN, ACCOUNTANT MEMBER M/s.NXP India Private Limited, (Succor of NXP Semiconductors India Pvt. Ltd.) Ground Floor, Manyata Tech Park, Greenheart Phase III, Nagawara, Bangalore. ….Appellant PAN AAACZ 1978P Vs. Principal Commissioner of Income Tax-6, I.P.Estate, New Delhi-110 002 ……Respondent. Assessee By: Shri Vikram Vijayraghavan, Advocate. Revenue By: Shri Pradeep Kumar, CIT (D.R) Date of Hearing : 30.09.2020. Date of Pronouncement : 09.10.2020. O R D E R PER SHRI B.R. B…

Ifci Ltd., New Delhi vs. DCIT, New Delhi

In the result, the appeal of the assessee is allowed partly for statistical purposes

ITA 2982/DEL/2015[2010-11]Status: DisposedITAT Delhi08 Oct 2020AY 2010-11

Bench: Shri Bhavnesh Saini & Shri O.P. Kant

Section 115JSection 143(3)Section 14A

…wing order of his predecessor in A.Y.- 2008-09, the direction of the Tribunal in assessment year 1995-96 and decision of the Hon’ble Supreme Court in the case 4 ITA No.2982/Del./2015 of CIT Vs Shann Finance Private Limited, 231 ITR 308(SC) & ICDS Ltd Vs CIT 350 ITR 527(SC), allowed the claim of the assessee, subject to verification by the Assessing Officer that lessee(s) have not claimed any depreciation on same assets. The direction of the Learned CIT(A) are reproduced as under: “8.5. It is observed that although the appellant has made submissions before the AO that lessees have not claimed depreciation on le…