Lease Rent – Only Finance charge represents the revenue receipt

HIGH COURT OF KARNATAKA Prakash Leasing Ltd. v/s. DCIT I T APPEAL NOS. 301,302 & 491 OF 2007 FEBRUARY 27, 2012 JUDGMENT N. Kumar, J. As the questions involved in all these three appeals are one and the same they are taken up for consideration and disposed off by this common order. 2. The assessee is the same in all the three appeals. ITA No. 301/2007 pertains to the assessment year 1998-99. ITA No. 302/2007 pertains to the assessment year 1999-2000 and ITA No. 491/2007 pertains to 2000-01. The assessee is a non-banking financial Company. For the assessment year 1998-99 t...