ITA-551 & 738/2010

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IN THE HIGH COURT OF DELHI AT NEW DELHI

RESERVED ON: 30.07.2012

PRONOUNCED ON: 12.09.2012

+

ITA Nos.551/2010 & 738/2010

COMMISSIONER OF INCOME TAX DELHI

..... Appellant

Through: Mr. Sanjeev Rajpal,

Sr. Standing Counsel.

versus

TELECOM FINANCE (INDIA) LTD.

..... Respondent

Through: Mr. Surinder Goel, Advocate.

CORAM:

MR. JUSTICE S. RAVINDRA BHAT

MR. JUSTICE R.V. EASWAR

MR. JUSTICE S.RAVINDRA BHAT

%

The questions of law framed in these appeals by the revenue,

impugning the order of the Income Tax Appellate Tribunal (ITAT) dated

22.8.2008 in ITA No. 4505/Del/2003, are as follows:

renovation claimed in these cases?”

2. The facts necessary for determining these questions are that the

assessee is engaged in the business of leasing, hire-purchase and

2012:DHC:5668-DB

ITA-551 & 738/2010

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finance. In the return of income for the Assessment Year 1997-98, the

assessee declared a total income of ` 42,79,660/- on 26.11.1997.

During the assessment proceedings, the AO noticed that the assessee

had entered into a lease agreement dated 05.04.1996 with M/s Price

Water House A