Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: ARTICLES ON INPUT TAX CREDIT IN VAT :: articles on VAT and GST in India :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT RATES :: form 3cd :: TDS :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARD :: list of goods taxed at 4% :: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARDS :: VAT Audit :: empanelment :: cpt
 
 
ITAT-Constitution of Benches »
 Income Tax Appellate Tribunal Bangalore Benches , BangaloreRevised Constitution for the week from 20/11/2017 To 24/11/2017
 Income Tax Appellate Tribunal Ahmedabad Benches , Ahmedabad S/shri Kul Bharat, JM & Manish Borad, AM Causelist For Bench 'A' 20/11/2017
 Income Tax Appellate Tribunal, Pune Benches, Pune. Causelist For Bench 'A' For The Ending 24.11.17
 Income Tax Appellate Tribunal, Hyderabad Benches, Hyderabad. Cause List Of Cases Posted Before B-Bench (Db & Smc) - 20.11.17 To 24.11.17
 Income Tax Appellate Tribunal Ahmedabad Benches , Ahmedabad S/shri Kul Bharat, Jm & Manish Borad, Am Causelist For Bench 'A'
 Income Tax Appellate Tribunal, Hyderabad Benches, Hyderabad. Cause List Of Cases Posted Before A-Bench (Db) - 20.11.17 To 24.11.2017
 Income Tax Appellate Tribunal : Kolkata Benches : Kolkata List Of Orders Ready For Pronouncement On 17 .11.2017.
 Income Tax Appellate Tribunal Mumbai Benches, Mumbai Consolidated Cause list of SA/MA/Pronouncement for Friday 17/11/2017
 IncomTax Appellate Tribunal: Bangalore Benches : Bangalore Constitution of Kolkata Benches From 13/11/2017 To 17/11/2017
 IncomTax Appellate Tribunal: Kolkata Benches : Kolkata Constitution of Kolkata Benches From 27/11/2017 To 30/11/2017
 Income Tax Appellate Tribunal, Bangalore Benches, Bangalore. Constitution for the week from 13.11.17 To 17.11.17

Development Credit Bank Ltd vs. DCIT (ITAT Mumbai)
March, 30th 2013

S. 32: Special Bench verdicts on Sale & Lease Back & lease finance are not good law

The assessee, a Bank, bought assets from its customers and leased it back to them (“sale and lease back”). It also purchased assets identified by its customers and leased it to them (“finance lease”). The assessee claimed depreciation on the assets on the ground that it was the owner and had used the assets for business purposes. The AO, relying on MidEast Portfolio Management 87 ITD 537 (Mum) (SB) and IndusInd Bank 135 ITD 165 (Mum) (SB), disallowed depreciation on the ground that the transactions were an “eyewash” and “colourable device”. The CIT(A) partly confirmed the disallowance. On appeal by the assessee to the Tribunal, HELD allowing the claim:

The issue of whether the lessor is entitled to claim depreciation in the case of a “sale and lease back” transaction as well as in a “finance lease” have been laid to rest by the judgements in ICDS 350 ITR 527 (SC), Kotak Mahindra Finance 317 ITR 236 (Bom) and Cosmo Films 338 ITR 266 (Del) where it was held that the lessor is eligible to claim depreciation. The judgements of the Special Bench in MidEast Portfolio Management 87 ITD 537 (Mum) (SB) and IndusInd Bank 135 ITD 165 (Mum) (SB) are impliedly overruled.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Application Management Solutions Application Management System Application Management Software System Application Management Development Application Management Software Development

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions