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TMI Blog2010 (12) TMI 1308X X X X Extracts X X X X X X X X Extracts X X X X ..... espondent : Shri Tapas Kumar Dutta ORDER PER HARI OM MARATHA, JUDICIAL MEMBER: These appeals of the assessee for assessment years 1998- 1999 and 2001-02, can be decided by a common order for the sake of convenience and brevity. I.T.A.No. 1735/Mds/2004 2. This appeal is directed against the order of the ld. CIT(A)-XI, Chennai, dated 8.6.2004, pertaining to assessment y ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... allowance of bill discounting charges. This issue also stands covered against the assessee, admittedly, by the above mentioned decision vide para 15. Hence, this issue is also decided against the assessee. 5. The next issue regarding re-working of income consequent to the lease transaction treated as finance transaction was not pressed at the time of hearing because the same stands allowed by t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... decided against the assessee in view of Explanation (g) to section 115JA inserted by Finance Act, 2009 with effect from 1.4.1998. The other part of this issue is regarding disallowance of lease equalization charges while computing book profit u/s 115J. This issue has to be allowed in favour of the assessee in view of the Hon'ble Madras High Court decision, reported in 318 ITR 435 [para 35] ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... while computing book profit u/s 115JA, is dismissed in view of Explanation (g) to section 115JA inserted by the Finance Act, 2009 with effect from 1.4.1998 whereas the disallowance of lease equalization charges while computing book profit u/s 115J is allowed in view of the Hon'ble High Court decision (supra) [para 35]. I.T.A.No. 1879/Mds/05 13. This appeal of the assessee, for assessment y ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The last issue regarding charging of interest u/s 234B, being mandatory but consequential, the Assessing Officer is directed to give consequential relief, if admissible, to the assessee. 18. In the result, this appeal is partly allowed. 19. To summarize the result, all the appeals filed by the assessee are partly allowed. Order pronounced in the open court on 22.12.2010. - - TaxTMI - ..... X X X X Extracts X X X X X X X X Extracts X X X X
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