https://www.taxtmi.com/caselaws?id=410864 The Court upheld the Income Tax Appellate Tribunal's decision to include lease equalization charges in the book profit calculation under Section 115JA of the Income Tax Act. It determined that the charges constituted a provision for diminution in asset value, falling under clause (g) of the explanation to the Act. Despite the appellant's arguments based on accounting methods, the Court ruled in favor of the revenue, dismissing the appeal and affirming the addition of lease equalization charges to determine deemed income. en-us Tue, 03 Aug 2021 00:00:00 +0530 Wed, 11 Aug 2021 09:21:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=410864 The Court upheld the Income Tax Appellate Tribunal's decision to include lease equalization charges in the book profit calculation under Section 115JA of the Income Tax Act. It determined that the charges constituted a provision for diminution in asset value, falling under clause (g) of the explanation to the Act. Despite the appellant's arguments based on accounting methods, the Court ruled in favor of the revenue, dismissing the appeal and affirming the addition of lease equalization charges to determine deemed income. Case-Laws Income Tax Tue, 03 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=410864