https://www.taxtmi.com/caselaws?id=174848 The Tribunal dismissed the assessee's appeal, affirming the disallowance of lease rentals as revenue expenditure for the relevant assessment year. The Tribunal emphasized that each year is independent in income tax proceedings, and the excessive lease rentals indicated a hire purchase arrangement. The decision highlighted that the sister concern's treatment of lease rentals as income did not justify their allowance as expenses for the assessee. en-us Fri, 05 Aug 2011 00:00:00 +0530 Sat, 24 Oct 2015 13:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=174848 The Tribunal dismissed the assessee's appeal, affirming the disallowance of lease rentals as revenue expenditure for the relevant assessment year. The Tribunal emphasized that each year is independent in income tax proceedings, and the excessive lease rentals indicated a hire purchase arrangement. The decision highlighted that the sister concern's treatment of lease rentals as income did not justify their allowance as expenses for the assessee. Case-Laws Income Tax Fri, 05 Aug 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=174848