2010 (12) TMI 1228

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..... t : Shri Saroj Kumar Parida O R D E R PER ABRAHAM P. GEORGE, ACCOUNTANT MEMBER : These appeals are filed by the Revenue against the orders of the Commissioner of Income Tax (Appeals)-I, Coimbatore, for the respective assessment years. Grounds taken for all the years are similar. Common grievance raised by the Revenue is that the CIT(Appeals) should have considered that finance cha .....

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..... e of CIT v. Elgi Finance Ltd. (2007) 293 ITR 357 (Mad), argued that assessee being an NBFC governed by the norms prescribed by Reserve Bank of India had to follow its regulations even though it was managing its books on mercantile system. Ld. CIT(Appeals) after considering the NBFCs Prudential Norms (Reserve Bank) Directions, 1998 and relying on the decision of Hon'ble Madras High Court in the .....

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..... unal in the case of Elgi Finance Ltd. and Sakthi Finance Ltd. for assessment years 1995-96 to 1998-99 in I.T.A. Nos. 1879 to 1881/Mds/2004 and I.T.A. Nos. 3409 to 3411/Mds/2004 dated 11th June, 2010. 4. We have perused the orders and heard the rival contentions. We find that the issue is squarely covered in favour of assessee by the decision of jurisdictional High Court in assessee s own case r .....

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