Case Law Details
Case Name : Reliance Industries Ltd. Vs Pr.CIT (ITAT Mumbai)
Related Assessment Year : 2011-12
Courts :
All ITAT ITAT Mumbai
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Reliance Industries Ltd. Vs Pr.CIT (ITAT Mumbai)
Conclusion: Income from assets given on lease, though offered to tax under normal provisions, was not routed through Profit and Loss Account and the accounting treatment given by assessee was in accordance with mandatory AS-19 which mandated assessee to reflect investment in asset under finance lease as ‘lease receivable’ in balance-sheet on asset side under the head ‘loans and advances’. Therefore, AO duly applied his mind to the issue under consideration and took a possible view in the matter, not contrary to law, asses...
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Author Bio
It is settled principle of law that if after examining the details, the Assessing Officer has taken a view which is a possible view then it cannot be treated that the order passed by the Assessing
Officer is erroneous and prejudicial to the interest of the Revenue