COMMISSIONER OF INCOME-TAX Vs. ARAVALI FINLEASE LTD

JUDGEMENT

(1.) The Revenue has challenged the judgment of the 1 Tribunal dated December 4, 2006, raising the following questions for our consideration:

(2.) In the result, question A is answered in favour of the Revenue and against the assessee.

(3.) So far as question B is concerned, we may notice that the vehicle though registered in the name of the director was used for the purpose of business of the company, income derived is from leasing the vehicle was shown as income of the company and the entire fund for purchase of the vehicle had also gone from the coffers of the company.