Lease Interest Deductible u/s 36(1)(iii), Principal Not Revenue Expenditure u/s 37(1.

The assessee is entitled only to claim interest paid as part of the said lease rentals as expenditure u/s 36 (1) (iii) of the Income Tax Act. The assessee, in view of the discussion made above, is not entitled to claim the principal component of alleged lease rent paid as ‘revenue expenditure’ u/s 37(1) .....

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