M.K. AGRAWAL & CO.,SONEBHADRA vs. ACIT RANGE-III, MIRZAPUR
In the result, the appeal of the assessee is allowed
ITA 309/ALLD/2017[2010-11]Status: DisposedITAT Allahabad03 Dec 2020AY 2010-11
Bench: Shri Vijay Pal Raoassessment Year: 2010-11 M.K. Agrawal & Co., V. Acit, Range-Ii, Mirzapur Sonebhadra
For Appellant: Shri S. K. Jaiswal, CAFor Respondent: Shri A. K. Singh,Sr. DR
Section 194ASection 194ISection 2Section 40Section 40a
Capital Ltd. (a NBFC) under the hire purchase agreement. It is also not in dispute that the assessee has not acquired any title for ownership of the asset under the hire purchase agreement but the assessee is under no obligation to buy the asset. Thus, it is only an option with the assessee either to return the goods
