Section 7 admission requires established financial debt and default, not precise interest quantification, while post-suspension defaults remain action...
Addition on account of lump-sum lease charges received - lease transaction does not give an absolute ownership or title as it can be cancelled and re-entered - assessee has been consistently following the accounting policy of recognizing the lease rental proportionate to the lease period and therefore the consistent accounting method followed by the assessee for a considerable long time cannot be disturbed when there is nothing on record to suggest that the accounting method followed by the assessee resulted avoidance of tax - addition deleted - AT
Addition on account of lump-sum lease charges received - lease transaction does not give an absolute ownership or title as it can be cancelled and re-entered - assessee has been consistently following the accounting policy of recognizing the lease rental proportionate to the lease period and therefore the consistent accounting method followed by the assessee for a considerable long time cannot be disturbed when there is nothing on record to suggest that the accounting method followed by the assessee resulted avoidance of tax - addition deleted - AT
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