2016 (12) TMI 1543

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....evenue in this appeal against the ITAT's decision. The first relates to applicability of Section 35ABB vis-a-vis spectrum charges paid by the assessee. These were paid after the change in the telecom policy in 1999. The question of law sought to be urged is squarely covered by the previous decision of this Court in the assessee's case for another assessment year CIT v. Bharti Hexacom Ltd. 2013 40 ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ease rent to IBM was claimed. 83. Now the main issue which arises for consideration is, whether merely because assessee in its books of ale had given some treatment to the transaction, has to be taken as sacrosanct or the substance of the transaction is to be considered. In our opinion, there cannot be any quarrel with the proposition that the substance of the transaction has to be taken into c....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... these assets could be handed over to the assessee upon exit of IBM. With reference to these two aspects, ld. CIT(DR) submits that the assessee was the beneficial owner of these assets and the IBM was only titular owner. His contention is that these being movable properties, such titular ownership does not entitle the owner to any benefit or right except, principal security against finance lease c....