ITAT allows Expenses claimed against Lease Rent to Hero Fin Corp

DCIT Vs Hero Fin Corp Ltd. (ITAT Delhi) The assessee is earning lease rent from the lease charges of cars, plant & machinery given on hire to M/s Hero MotoCorp. The AO held that the income of the hire charges are to be chargeable under the head “income from other sources” but not under the head “business and profession”. The AO held that the assessee is NBFC and doing finance activities and earning of lease rent from plant & machinery is not the business of the assessee company. The ld. CIT (A) deleted the addition holding that the revenue having accepted all along that the lea...