2010 (12) TMI 1308

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....r The Appellant : Shri Saroj Kumar For The Respondent : Shri Tapas Kumar Dutta ORDER PER HARI OM MARATHA, JUDICIAL MEMBER: These appeals of the assessee for assessment years 1998- 1999 and 2001-02, can be decided by a common order for the sake of convenience and brevity. I.T.A.No. 1735/Mds/2004 2. This appeal is directed against the order of the ld. CIT(A)-XI, Chennai, dated 8.6.2004, pert....

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....eal relates to disallowance of bill discounting charges. This issue also stands covered against the assessee, admittedly, by the above mentioned decision vide para 15. Hence, this issue is also decided against the assessee. 5. The next issue regarding re-working of income consequent to the lease transaction treated as finance transaction was not pressed at the time of hearing because the same sta....

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....h now stands decided against the assessee in view of Explanation (g) to section 115JA inserted by Finance Act, 2009 with effect from 1.4.1998. The other part of this issue is regarding disallowance of lease equalization charges while computing book profit u/s 115J. This issue has to be allowed in favour of the assessee in view of the Hon'ble Madras High Court decision, reported in 318 ITR 435....

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.... computing book profit u/s 115JA, is dismissed in view of Explanation (g) to section 115JA inserted by the Finance Act, 2009 with effect from 1.4.1998 whereas the disallowance of lease equalization charges while computing book profit u/s 115J is allowed in view of the Hon'ble High Court decision (supra) [para 35]. I.T.A.No. 1879/Mds/05 13. This appeal of the assessee, for assessment year 2001....