https://www.taxtmi.com/caselaws?id=245717 The real character of a lease transaction is determined by the contractual terms, not by the accounting treatment adopted by the assessee. Where the agreement shows that the lessor retains ownership, the lessee acquires only lease rights, the equipment must be returned on expiry, and the document governs rent, default, renewal and termination as a lease, the arrangement is a simple lease rather than a finance lease. Invoking Accounting Standard 19 does not alter that substance. en-us Fri, 21 Mar 2014 00:00:00 +0530 Wed, 20 Aug 2014 15:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=245717 The real character of a lease transaction is determined by the contractual terms, not by the accounting treatment adopted by the assessee. Where the agreement shows that the lessor retains ownership, the lessee acquires only lease rights, the equipment must be returned on expiry, and the document governs rent, default, renewal and termination as a lease, the arrangement is a simple lease rather than a finance lease. Invoking Accounting Standard 19 does not alter that substance. Case-Laws Income Tax Fri, 21 Mar 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=245717