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TMI Blog2010 (4) TMI 759X X X X Extracts X X X X X X X X Extracts X X X X ..... given on lease and that they did not carry any responsibility of the day-to-day maintenance or upkeep of the vehicles - Thus, both the Commissioner of Income-tax (Appeals) and the Income-tax Appellate Tribunal have returned findings of fact that the contract was not a transport contract, but merely entailed the taking of vehicles on lease and the payments were in the nature of lease rentals simpli ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... duct the TDS. Since the assessee had not carried out this obligation, the assessee was not entitled to any allowance under section 40(a)(ia) of the said Act. The Commissioner of Income-tax (Appeals) examined the agreement entered into between the assessee and the lease rental company, namely, Kotak Mahindra Primus Ltd. and came to the conclusion that it was only intended for providing the vehicles ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (Appeals) and the Income-tax Appellate Tribunal have returned findings of fact that the contract was not a transport contract, but merely entailed the taking of vehicles on lease and the payments were in the nature of lease rentals simplicitor. Consequently, the disallowance made by the Assessing Officer under section 40(a)(ia) was liable to be deleted and it was ordered accordingly. 4. We find t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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