Commissioner of Income-tax, Delhi -IV v. H.B.Leasing And Finance Co. Ltd
[Citation -2014-LL-1126-117]

Citation 2014-LL-1126-117
Appellant Name Commissioner of Income-tax, Delhi -IV
Respondent Name H.B.Leasing And Finance Co. Ltd.
Court HIGH COURT OF DELHI AT NEW DELHI
Relevant Act Income-tax
Date of Order 26/11/2014
Assessment Year 1987-88
Judgment View Judgment
Keyword Tags higher rate of depreciation • depreciation allowance
Bot Summary: Whether the Tribunal was correct in law in directing the grant of higher rate of depreciation on leased out trucks to Indian Oil Corporation During the course of hearing, learned counsel for the respondent assessee has drawn our attention to order in the case of respondent assessee dated 04.07.2013 passed in ITA No.6/2000 for the assessment year 1986-87. The issue and the questions raised are covered by the said decision, which follows the decision of the Delhi High Court in CIT vs. Bansal Credits Ltd. 2003 259 ITR 69 and the decision of the Supreme Court in I.C.D.S Ltd. vs. CIT 2013 350 ITR 527. Following the aforesaid decisions, the questions of law are answered in favour of the respondent assessee and against the appellant.


IN HIGH COURT OF DELHI AT NEW DELHI ITA 116/2003 COMMISSIONER OF INCOME TAX, DELHI -IV Appellant Through: Mr.N.P.Sahni, Sr. Standing Counsel versus M/S H.B.LEASING AND FINANCE CO. LTD. Respondent Through: Mr.Santosh Kr. Aggarwal, Advocate CORAM: HON'BLE MR. JUSTICE SANJIV KHANNA HON'BLE MR. JUSTICE V. KAMESWAR RAO ORDER 26.11.2014 This appeal by Revenue pertains to assessment year 1987-88 and was admitted for hearing by order dated 27.11.2003 on following two substantial questions of law:- ?1. Whether Tribunal was correct in law in holding that assessee was entitled to depreciation @ 100% on tankers mounted on chassis of trucks? 2. Whether Tribunal was correct in law in directing grant of higher rate of depreciation on leased out trucks to Indian Oil Corporation?? During course of hearing, learned counsel for respondent assessee has drawn our attention to order in case of respondent assessee dated 04.07.2013 passed in ITA No.6/2000 for assessment year 1986-87. said order is reported in [2014]220 Taxman 215. issue and questions raised are covered by said decision, which follows decision of Delhi High Court in CIT vs. Bansal Credits Ltd. [2003] 259 ITR 69 and decision of Supreme Court in I.C.D.S Ltd. vs. CIT [2013] 350 ITR 527. Following aforesaid decisions, questions of law are answered in favour of respondent assessee and against appellant. appeal is accordingly dismissed. SANJIV KHANNA, J V. KAMESWAR RAO, J NOVEMBER 26, 2014 Commissioner of Income-tax, Delhi -IV v. H.B.Leasing And Finance Co. Ltd
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