Itta/147/2004 Of Chandana Leaphin Finance Ltd v. The Commissioner Of Income Tax

HON’BLE SRI JUSTICE DILIP B. BHOSALEAND HON’BLE SRI JUSTICE A. RAMALINGESWARA RAO ITTA No. 147 OF 2004 JUDGMENT:(per the Hon'ble Sri Justice Dilip B. Bhosale) This appeal under Section 260A of the Income Tax Act, 1961 isdirected against the order of the Income Tax Appellate Tribunal,Hyderabad Bench ‘A’ in ITA No.344/H/02, dated 25-06-2004 for theassessment year 1997-98. The only question raised in the appeal is whether on the factsand in the circumstances of the case, the Tribunal is correct in law indisallowing deduction of lease equalisation charges from the grosslease receipts. At the outset, learned counsel for the appellant invited ourattention to the judgment of this Court dated 05-02-2015 in ITTA Nos.252 and 291 of 2003; 76 and 77 of 2006 and 132 and 136 of 2004 andsubmitted that similar question was raised in these appeals. Shesubmits that the instant appeal also deserves to be allowed answeringthe question in favour of the assessee and against the Revenue. Learned counsel appearing for the Revenue does not disputethe submission made by learned counsel for the appellant. In the circumstances, we dispose of this appeal answering thesubstantial question of law in favour of the assessee and against theRevenue, in terms of the judgment dated 05-02-2015 passed in ITTANos.252 and 291 of 2003 and the connected appeals. Miscellaneous petitions, if any, also stand disposed of. Noorder as to costs. ______________________ DILIP B. BHOSALE, J 15-04-2015ks _______________________________A. RAMALINGESWARA RAO, J