https://www.taxtmi.com/caselaws?id=64355 Lease equalization charges claimed by an NBFC were treated as an accounting adjustment and not an expenditure actually incurred or a deduction specifically allowed under the Income-tax Act, so their deduction in normal taxable income computation was disallowed. For book profit computation under section 115JA, the charge could not be added back unless it fell within the specified adjustment clauses, and it was not treated as an amount set aside for an unascertained liability. The result was that the deduction failed in normal computation, while the adjustment to book profits was impermissible. en-us Fri, 17 Feb 2006 00:00:00 +0530 Mon, 02 May 2016 10:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64355 Lease equalization charges claimed by an NBFC were treated as an accounting adjustment and not an expenditure actually incurred or a deduction specifically allowed under the Income-tax Act, so their deduction in normal taxable income computation was disallowed. For book profit computation under section 115JA, the charge could not be added back unless it fell within the specified adjustment clauses, and it was not treated as an amount set aside for an unascertained liability. The result was that the deduction failed in normal computation, while the adjustment to book profits was impermissible. Case-Laws Income Tax Fri, 17 Feb 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64355