https://www.taxtmi.com/caselaws?id=266114 The ITAT Mumbai allowed the appeal for statistical purposes, directing the Assessing Officer to reevaluate the disallowance of the lease equalization reserve for A.Y. 1998-99 in line with previous assessments, highlighting the importance of cautious application of lease equalization principles under the Income Tax Act to avoid misleading results. The judgment clarifies that lease equalization reserves are not considered as expenditures under specific sections but as general provisions under Section 37, emphasizing the significance of accurate income computation. en-us Fri, 11 Jul 2014 00:00:00 +0530 Sat, 17 Oct 2015 23:25:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=266114 The ITAT Mumbai allowed the appeal for statistical purposes, directing the Assessing Officer to reevaluate the disallowance of the lease equalization reserve for A.Y. 1998-99 in line with previous assessments, highlighting the importance of cautious application of lease equalization principles under the Income Tax Act to avoid misleading results. The judgment clarifies that lease equalization reserves are not considered as expenditures under specific sections but as general provisions under Section 37, emphasizing the significance of accurate income computation. Case-Laws Income Tax Fri, 11 Jul 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=266114