2012 (12) TMI 840

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....ndent Rep by: Y.V. Raviraj, Adv. JUDGEMENT This is an Appeal filed under Section 260A of the Income Tax Act, 1961 by the assessee challenging the order dated 16.3.2010 made in ITA No.87/CIT(A)HBL/06-07 on the file of Commissioner of Income Tax (Appeals) (Annexure-C) and the order dated 5.8.2011 made in ITA No.702(Bang)/2010 on the file of Income Tax Appellate Tribunal at Annexure-D. 2. Br....

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.... The matter was carried before the Income Tax Appellate Tribunal, but the Tribunal dismissed the Appeal confirming the order of dismissal. Therefore, the Assessee is before this Court. 3. In this Appeal, the following substantial question of law arises: Whether the Assessing Officer is justified in disallowing the expenditure incurred towards lease of Plant and Machinery by the Assessee for ....

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....the machineries were delivered back to the Lessor, but the Assessing Officer has erroneously come to the conclusion that it was an hire purchase agreement and not a lease. It is also contended that the Assessing Officer disallowed the lease rentals paid to the Lessor towards the machinery-Compressors as well as Excavators. It is also contended that the Assessing Officer did not take into account t....

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....nswered in favour of the appellant/assessee and set aside the impugned orders. 5. Learned Counsel appearing for the respondent/ Revenue submits that there is no illegality or infirmity in the impugned orders. 6. Admittedly, the amount paid by the appellant/assessee to M/s. Murudeshwar Finance & Leasing Ltd. was reflected in the books of Lessor and taken into account as income of the Lessor a....