Court Upholds Lease Equalization Charge Deduction; Validates ICAI Accounting Standards for Tax Purposes Under Income Tax Act.

Entitled to deduction of lease equalization charge - There is no force in the contentions of the Revenue that the accounting standards prescribed by the Guidance Note cannot be used to bifurcate the lease rental to reach the real income for the purpose of tax under the IT Act. - To sum up, we are of the view that the Respondent is entitled for bifurcation of lease rental as per the accounting standards prescribed by the ICAI. - HC .....

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