https://www.taxtmi.com/caselaws?id=262554 The court held in favor of the assessee, allowing the deduction of "lease equalisation" charges from lease rental income. It emphasized that the guidance note issued by the Institute of Chartered Accountants of India (ICAI) should not be disregarded by the Assessing Officer if it represents best accounting practices and is properly disclosed. The court clarified that the absence of Central Government notification does not preclude the adoption of ICAI's accounting standards. The appeals by the Revenue were dismissed, and those by the assessee were allowed. en-us Thu, 05 Feb 2015 00:00:00 +0530 Thu, 13 Aug 2015 07:01:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=262554 The court held in favor of the assessee, allowing the deduction of "lease equalisation" charges from lease rental income. It emphasized that the guidance note issued by the Institute of Chartered Accountants of India (ICAI) should not be disregarded by the Assessing Officer if it represents best accounting practices and is properly disclosed. The court clarified that the absence of Central Government notification does not preclude the adoption of ICAI's accounting standards. The appeals by the Revenue were dismissed, and those by the assessee were allowed. Case-Laws Income Tax Thu, 05 Feb 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=262554