https://www.taxtmi.com/highlights?id=50346 Deduction of lease rentals for the equipment - lease rentals agreed between the parties were so crafted that they substantially cover present fair value of equipment - it is a case of purchase of asset by the assessee from CARE in the garb of lease agreement - Cannot be allowed as Revenue expenditure - However, depreciation to be allowed. en-us Fri, 22 Nov 2019 10:39:37 +0530 Fri, 22 Nov 2019 10:39:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=50346 Deduction of lease rentals for the equipment - lease rentals agreed between the parties were so crafted that they substantially cover present fair value of equipment - it is a case of purchase of asset by the assessee from CARE in the garb of lease agreement - Cannot be allowed as Revenue expenditure - However, depreciation to be allowed. Highlights Income Tax Fri, 22 Nov 2019 10:39:37 +0530 https://www.taxtmi.com/highlights?id=50346