Securitization of lease receivables is a taxable receipt in the year of securitisation

Advertisement L & T Finance Limited Vs DCIT (Bombay High Court) 1. By these two appeals filed under Section 260 -A of the Income Tax Act, 1961 (for short “I. T. Act, 1961”), the appellant – assessee takes exception to the common Judgment and Order dated 5th May, 2015, passed by the Income Tax Appellate Tribunal (for short “ITAT”). The ITAT, by the impugned order, upheld the order of the CIT(A) who inter alia held the gain arising to the assessee on account of securitization of lease receivables and credited to the Profit & Loss Account of the assessee was a taxable receip...