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Income Tax - Highlights / Catch Notes

Home Highlights November 2019 Year 2019 This

Deduction of lease rentals for the equipment - lease rentals ...

Income Tax

November 22, 2019

Deduction of lease rentals for the equipment - lease rentals agreed between the parties were so crafted that they substantially cover present fair value of equipment - it is a case of purchase of asset by the assessee from CARE in the garb of lease agreement - Cannot be allowed as Revenue expenditure - However, depreciation to be allowed.

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