https://www.taxtmi.com/caselaws?id=221360 The High Court affirmed the decision of the Income Tax Appellate Tribunal (ITAT) that the lease agreements were genuine, and the lessor retained ownership of the assets. The court held that the lease rentals were allowable as business expenditure, citing relevant case law and principles regarding ownership during leasing. The court dismissed the appeal, ruling in favor of the assessee and against the revenue, with costs not awarded. en-us Tue, 15 Jan 2013 00:00:00 +0530 Fri, 28 Jun 2013 15:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=221360 The High Court affirmed the decision of the Income Tax Appellate Tribunal (ITAT) that the lease agreements were genuine, and the lessor retained ownership of the assets. The court held that the lease rentals were allowable as business expenditure, citing relevant case law and principles regarding ownership during leasing. The court dismissed the appeal, ruling in favor of the assessee and against the revenue, with costs not awarded. Case-Laws Income Tax Tue, 15 Jan 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=221360