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2003 (3) TMI 50 - HC - Income Tax
Assessee had claimed lease rent as revenue expenditure - considering the terms and conditions of the lease agreement and the fact that depreciation on these trucks has been allowed to the lessor, Key Leasing and Finance Ltd., now there is no justification to deny the claim of the assessee that his lease rent should be allowed as revenue expenditure - we hold that the lease rent which has been paid by the assessee be treated as revenue expenditure.