2008 (7) TMI 976

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.....Mauna M. Bhatt, learned Standing Counsel appearing for the Revenue. 2. The Revenue has filed this Tax Appeal under Section 260A of the Income Tax Act, 1961 for assessment year 1994-95 proposing to formulate the following substantial questions of law for the determination and consideration of this Court: "[A] Whether the Appellate Tribunal was right in law and on facts in confirming the order p....

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....has observed in its order that the vehicles were actually owned by the company though they were registered in the names of the Directors on behalf of the company and that the lease rent from these vehicles were received by the company and as such lease rent was also shown as income of the company. Since this being a finding of fact, the the Tribunal is right in allowing the claim of the assessee f....