Lease equalization charge claimed as a deduction from gross ...

Case Laws Income Tax

April 6, 2023

Lease equalization charge claimed as a deduction from gross lease rentals received - the assessee is entitled for bifurcation of lease rental as per the accounting standards prescribed by the ICAI. Moreover, there is no express bar in the IT Act regarding the application of such accounting standards. - HC

View Source

← Previous Next →

Lease equalization charge claimed as a deduction from gross ...

Case Laws Income Tax

April 6, 2023

You may also like:

Additions u/s 30 - deduction of Lease Equalization Charges - type of lease undertaken- scope of accounting standards - AO noticed that, assessee has created Rent...

Deduction of lease equalization charges from lease rental income - lease equalization charges is a method of re-calibrating the depreciation – we cannot find fault with...

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...

Deduction on account of lease equalization charges from lease rental - No force in the contentions of the Revenue that the accounting standards prescribed by the...

Claim of deduction - lease equalization charge - After referring to the Guidance Note on Accounting for Leases, revised in the year 1995, Supreme Court held that method...

House property income - Reduction of Charges on account of society maintenance charges and Municipal Corporation taxes from the gross rental received - Reduction allowed...

MAT computation - deduction of lease equalization charges while computing book profit - we cannot find fault with the assessee debiting lease equalization charges in the...

Disallowance on account of lease equalization – if the annual leasing charge is equivalent to 30% of the value of leased assets, the assessee would debit its P&L account...

Income from house property - deductions claimed u/s 24(a) - society charges - If, the amount paid to society charges includes municipal taxes levied by the local...

Incomes received from leasing out of hotels - exploitation of a commercial asset - lease rental received by the assessee is to be taxed under the head "Income from business" - AT

Leased rental received - Income from house property - During the first year of lease he has agreed to receive the 60% profit of the business as annual rental income but...

Warehousing rental charges - Nature of income – the rental charges received by the assessee are assessable under the head income from business and not under home property - HC

Rectification u/s 154 - Deduction claimed u/s. 80IAB - Wrong classification of income under the head ‘income from house property’, has resulted in wrong claim of...

Addition on account of lump-sum lease charges received - lease transaction does not give an absolute ownership or title as it can be cancelled and re-entered - assessee...

Input Tax Credit (ITC) - upfront lease premium - The upfront premium made is the lease rentals as per the allotment order/letter of Chennai Port Trusts and it is nothing...

Quick Updates: