https://www.taxtmi.com/caselaws?id=210501 The High Court ruled in favor of the assessee on all issues. It allowed the deduction of lease equalization charges from leased rental income, upheld the validity of the accounting method based on ICAI's Guidance Note, and affirmed that the assessee could rely on the Guidance Note to determine real income. The Court dismissed the revenue's appeals, concluding that the assessee's accounting method was valid, accurately reflected real income, and complied with accounting principles. The reassessment proceedings were not further scrutinized by the Court. en-us Tue, 07 Feb 2012 00:00:00 +0530 Tue, 13 Mar 2012 15:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=210501 The High Court ruled in favor of the assessee on all issues. It allowed the deduction of lease equalization charges from leased rental income, upheld the validity of the accounting method based on ICAI's Guidance Note, and affirmed that the assessee could rely on the Guidance Note to determine real income. The Court dismissed the revenue's appeals, concluding that the assessee's accounting method was valid, accurately reflected real income, and complied with accounting principles. The reassessment proceedings were not further scrutinized by the Court. Case-Laws Income Tax Tue, 07 Feb 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=210501