Case Law Details
TATA Moters Ltd. Vs DCIT (ITAT Mumbsi)
In this case Impugned assets underlying lease agreements were very much in existence, purchase consideration of assets was discharged by assessee through banking channels, and lease transactions were completed as per legally prescribed procedures, assessee was a rightful owner of leased assets and lessees had confirmed the ownership of assets, and they had not claimed depreciation in their books of account for purchase and lease of assets. Also, lease rentals earned by assessee was offered to tax and same was assessed by AO in the year under consideration as well as in subsequent assessment years. Therefore, disallowance of depreciation by AO was not justified.
FULL TEXT OF THE ITAT JUDGMENT
These are the appeals filed by the assessee and the revenue pertaining to the Assessment Years 1994-95, 1996-97, 1997-98 and 1998-99. Vide ITA No. 3524/Mum/2013, the assessee has challenged the impugned order passed by the Ld. CIT (A) – 6, Mumbai, whereby the Ld. CIT (A) has partly allowed the appeal filed by the assessee against assessment order passed u/s 143 (3) read with section 147 of the Income Tax Act, 1961 (for short ‘the Act’). Vide ITA No. 4462/Mum/2014 the assessee has challenged the impugned order dated 19/03/2014 passed by the Ld. CIT (A)-6, Mumbai, whereby the Ld. CIT (A) has partly allowed the appeal of the assessee filed by the assessee against assessment order passed u/s 143 (3) read with section 254 of the Income Tax Act. Third appeal i.e. ITA No. 1722/Mum/2012 has been preferred by the revenue against the order dated 30/12/20111 passed by the Commissioner of Income Tax (Appeals)-6, Mumbai, whereby the Ld. CIT (A) has partly allowed the filed by the assessee against order giving effect to the ITAT order passed in ITA No. 4417 and 4314/Mum/2005 dated 29/11/2009. Vide ITA NO. 1488/Mum/2012 the assessee has challenged the impugned order passed by Commissioner of Income Tax (Appeals)-6, Mumbai, whereby the Ld. CIT (A) has dismissed the appeal filed by the assessee against order giving effect to ITAT order passed in ITA No. 4417 and 4314/Mum/2005, section 143 (3) read with section 254 of the I.T. Act. Since, all the four appeals pertain to the same assessee for the different assessment years, all the appeals were clubbed, heard together and are being disposed of by this common and consolidated order for the sake of convenience.
ITA No. 3524/Mum/2013 (Assessment Year: 1994-95)
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