https://www.taxtmi.com/caselaws?id=419217 The High Court allowed the deduction of lease equalization charge for the Assessment Year 1998-1999, following the Supreme Court's ruling that the Respondent could claim such deduction using the method prescribed by the Institute of Chartered Accountants of India. Additionally, the Court held that professional charges paid to M/s. PCR Investments were not allowable as a deduction, as they were deemed of a capital nature. As a result, the Tax Case Appeal was dismissed without costs, with both substantial questions of law decided against the appellant / Revenue. en-us Mon, 14 Feb 2022 00:00:00 +0530 Sat, 05 Mar 2022 12:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=419217 The High Court allowed the deduction of lease equalization charge for the Assessment Year 1998-1999, following the Supreme Court's ruling that the Respondent could claim such deduction using the method prescribed by the Institute of Chartered Accountants of India. Additionally, the Court held that professional charges paid to M/s. PCR Investments were not allowable as a deduction, as they were deemed of a capital nature. As a result, the Tax Case Appeal was dismissed without costs, with both substantial questions of law decided against the appellant / Revenue. Case-Laws Income Tax Mon, 14 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=419217