https://www.taxtmi.com/caselaws?id=403794 For a regulated finance company, prudential norms govern income recognition, while taxable computation and deductions remain controlled by the Income-tax Act. Accounting treatment cannot override the statute, but where the regulatory directions and the Act operate in distinct fields, the settled legal principles on recognition and taxation apply. On that basis, the assessee's claim to depreciation on leased assets was sustained and the Tribunal's contrary view could not stand. en-us Mon, 01 Feb 2021 00:00:00 +0530 Mon, 08 Feb 2021 09:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=403794 For a regulated finance company, prudential norms govern income recognition, while taxable computation and deductions remain controlled by the Income-tax Act. Accounting treatment cannot override the statute, but where the regulatory directions and the Act operate in distinct fields, the settled legal principles on recognition and taxation apply. On that basis, the assessee's claim to depreciation on leased assets was sustained and the Tribunal's contrary view could not stand. Case-Laws Income Tax Mon, 01 Feb 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=403794