https://www.taxtmi.com/caselaws?id=71934 The Tribunal held that the assessee is not entitled to a deduction for pre-paid lease rent pertaining to the next financial year. The Tribunal emphasized the matching concept in accounting, stating that expenses and receipts must align to reflect true profits. It was concluded that the liability for lease rent is incurred when the asset is utilized, not when payment is made. The matter was directed to be heard before the Division Bench for further proceedings. en-us Fri, 29 Aug 2008 00:00:00 +0530 Wed, 03 Aug 2016 15:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71934 The Tribunal held that the assessee is not entitled to a deduction for pre-paid lease rent pertaining to the next financial year. The Tribunal emphasized the matching concept in accounting, stating that expenses and receipts must align to reflect true profits. It was concluded that the liability for lease rent is incurred when the asset is utilized, not when payment is made. The matter was directed to be heard before the Division Bench for further proceedings. Case-Laws Income Tax Fri, 29 Aug 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71934