9911796707
TMI Blog2003 (9) TMI 47X X X X Extracts X X X X X X X X Extracts X X X X ..... the AO has already determined that the relevant agreements executed by the petitioner were with a view to finance the vehicles and that those were not leasing agreements. That finding of the AO was affirmed by the CIT (Appeals). Feeling aggrieved by the orders of the CIT (Appeals), the petitioner has preferred an appeal before the Income-tax Appellate Tribunal which is pending - In view of the fi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee on the alleged leased vehicles was not available as the arrangement of lease was nothing but financing of the vehicles and, therefore, the assessee was not entitled to depreciation. The Assessing Officer, therefore, had reason to believe that the income in the hands of the assessee had escaped assessment for the relevant assessment year. Consequently, a notice under section 148 of the In ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... w to finance the vehicles and that those were not leasing agreements. That finding of the Assessing Officer was affirmed by the Commissioner of Income-tax (Appeals). Feeling aggrieved by the orders of the Commissioner of Income-tax (Appeals), the petitioner has preferred an appeal before the Income-tax Appellate Tribunal which is pending. The question now arises whether the Assessing Officer had r ..... X X X X Extracts X X X X X X X X Extracts X X X X
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