https://www.taxtmi.com/caselaws?id=379139 The Court ruled in favor of the Assessee regarding the allowability of Lease Equalisation Charges, citing precedent that such charges are deductible against Lease Rental Income. However, the Court sided with the Revenue on the treatment of Provision for Non Performing Assets, requiring it to be added back for computing Book Profits under Section 115JA. Additionally, the Court upheld the disallowance of the provision for Non Performing Assets based on RBI directions, emphasizing that RBI directives cannot override Income-tax Act provisions. The Appeal of the Assessee was disposed of with no costs awarded, providing clarity on these tax assessment issues. en-us Wed, 03 Apr 2019 00:00:00 +0530 Mon, 29 Apr 2019 06:15:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=379139 The Court ruled in favor of the Assessee regarding the allowability of Lease Equalisation Charges, citing precedent that such charges are deductible against Lease Rental Income. However, the Court sided with the Revenue on the treatment of Provision for Non Performing Assets, requiring it to be added back for computing Book Profits under Section 115JA. Additionally, the Court upheld the disallowance of the provision for Non Performing Assets based on RBI directions, emphasizing that RBI directives cannot override Income-tax Act provisions. The Appeal of the Assessee was disposed of with no costs awarded, providing clarity on these tax assessment issues. Case-Laws Income Tax Wed, 03 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=379139