LEASING AND INDUSTRIAL FINANCE CO LTD Vs. INCOME TAX OFFICER
LAWS(IT)-1989-8-7
INCOME TAX APPELLATE TRIBUNAL
Decided on August 29,1989

Appellant
VERSUS
Respondents

JUDGEMENT

M.C. Agarwal, Judicial Member - (1.)THESE are appeals by the assessee arising out of its assessments for assessment years 1982-83,1983-84 & 1984-85.
(2.)We have heard the learned counsel for the assessee and the learned Departmental Representative and have perused the material placed before us.
The assessee is a leasing company that is engaged in the business of purchasing different kinds of plant & machinery and leasing the same to other parties. The ITO allowed extra shift depreciation allowance to the assessee while framing the assessments for assessment years 1982-83 & 1983-84. The Commissioner of Income-tax initiated action under Section 263 as in his opinion, the grant of extra shift allowance to the assessee was erroneous. Ultimately after hearing the assessee the Commissioner passed separate orders dated 2-3-1987 directing the ITO to withdraw the Extra Shift Allowance granted to the assessee.

(3.)FOR assessment year 1984-85 the ITO did not grant extra shift allowance to the assessee, as the assessee was not a concern that worked extra shift. This view has been upheld by the CIT(A), before whom the assessee had preferred an appeal. The assessee is now in appeal before us against the order of the Commissioner under Section 263 for assessment years 1982-83 & 1983-84 and against the order of the CIT(A) for assessment year 1984-85.


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