https://www.taxtmi.com/caselaws?id=262740 The appeals challenging the Income Tax Appellate Tribunal's order for Assessment Years 1996-97, 1997-98, and 1995-96 were dismissed. The treatment of reversing lease rentals of machinery in the books of accounts and unrecovered advance for machinery purchase was scrutinized. The Assessee's failure to claim the benefit of Section 32AB of the Income Tax Act led to the conclusion that the treatment of lease rental as income on an accrual basis was unnecessary, resulting in the dismissal of the appeals. en-us Mon, 03 Aug 2015 00:00:00 +0530 Wed, 19 Aug 2015 08:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=262740 The appeals challenging the Income Tax Appellate Tribunal's order for Assessment Years 1996-97, 1997-98, and 1995-96 were dismissed. The treatment of reversing lease rentals of machinery in the books of accounts and unrecovered advance for machinery purchase was scrutinized. The Assessee's failure to claim the benefit of Section 32AB of the Income Tax Act led to the conclusion that the treatment of lease rental as income on an accrual basis was unnecessary, resulting in the dismissal of the appeals. Case-Laws Income Tax Mon, 03 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=262740