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Income Tax - Highlights / Catch Notes

Home Highlights February 2024 Year 2024 This

Disallowance of finance lease rental payments - claim of the ...

Income Tax

February 21, 2024

Disallowance of finance lease rental payments - claim of the assessee to claim the lease rent as an expenditure in their computation - The ITAT held that the payment made for the use of leased assets under finance lease should be allowed as a revenue expenditure.

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  2. Claim of depreciation in respect of assets allegedly leased - financing transactions - assessee purchased assets and leased back to the same company claiming 100% depreciation - HC

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  6. 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...

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