https://www.taxtmi.com/caselaws?id=359361 The Supreme Court upheld the High Court's decision, allowing the deduction of lease equalization charges from lease rental income based on the Guidance Note issued by the Institute of Chartered Accountants of India. The Court affirmed that the respondent's method of accounting, in line with the ICAI's standards, is valid for determining taxable income. The judgment dismissed the appeal, confirming the lawfulness of the respondent's accounting approach and emphasizing the importance of capturing real income for tax purposes. en-us Tue, 24 Apr 2018 00:00:00 +0530 Thu, 16 Aug 2018 18:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=359361 The Supreme Court upheld the High Court's decision, allowing the deduction of lease equalization charges from lease rental income based on the Guidance Note issued by the Institute of Chartered Accountants of India. The Court affirmed that the respondent's method of accounting, in line with the ICAI's standards, is valid for determining taxable income. The judgment dismissed the appeal, confirming the lawfulness of the respondent's accounting approach and emphasizing the importance of capturing real income for tax purposes. Case-Laws Income Tax Tue, 24 Apr 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=359361