Claim of deduction - lease equalization charge - After referring ...

Supreme Court Approves Lease Accounting Method from 1995 ICAI Guidance Note, Emphasizing Substance Over Form in Lease Transactions.

December 29, 2022

Case Laws Income Tax HC

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 of accounting followed as derived from ICAI Guidance Note is a valid method of capturing real income based on the substance of finance lease transaction. The rule of substance over form is a fundamental principle of accounting. - Respondent is entitled for bifurcation of lease rental as per the accounting standards prescribed by the ICAI - HC

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Claim of deduction - lease equalization charge - After referring ...

Supreme Court Approves Lease Accounting Method from 1995 ICAI Guidance Note, Emphasizing Substance Over Form in Lease Transactions.

December 29, 2022

Case Laws Income Tax HC

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