https://www.taxtmi.com/caselaws?id=286447 The Tax Tribunal allowed the appeal of a non-banking finance company regarding the disallowance of lease equalization charges by the Assessing Officer and confirmed by the ld. CIT(A). The Tribunal directed the A.O. to reconsider the issue, emphasizing that for tax purposes, the difference between annual lease charge and depreciation allowed under the Income Tax Act should be considered. The A.O. was instructed to verify and allow the deduction for lease equalization charges in accordance with the law. en-us Fri, 06 Sep 2013 00:00:00 +0530 Wed, 26 Feb 2020 17:26:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=286447 The Tax Tribunal allowed the appeal of a non-banking finance company regarding the disallowance of lease equalization charges by the Assessing Officer and confirmed by the ld. CIT(A). The Tribunal directed the A.O. to reconsider the issue, emphasizing that for tax purposes, the difference between annual lease charge and depreciation allowed under the Income Tax Act should be considered. The A.O. was instructed to verify and allow the deduction for lease equalization charges in accordance with the law. Case-Laws Income Tax Fri, 06 Sep 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=286447