https://www.taxtmi.com/caselaws?id=423952 The Tribunal partly allowed the appeals, affirming that lease rentals under finance leases should be treated as revenue expenditure and only the lessor is entitled to claim depreciation. The Tribunal directed the Assessing Officer to reconsider the issue of foreign exchange loss and disallowance under Section 40(a)(i) in light of its findings. The Tribunal upheld the disallowance of club expenses as not related to the business and emphasized consistency in tax treatment across assessment years. The validity of reassessment proceedings was dismissed as not pressed. en-us Wed, 15 Jun 2022 00:00:00 +0530 Sat, 18 Jun 2022 09:03:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=423952 The Tribunal partly allowed the appeals, affirming that lease rentals under finance leases should be treated as revenue expenditure and only the lessor is entitled to claim depreciation. The Tribunal directed the Assessing Officer to reconsider the issue of foreign exchange loss and disallowance under Section 40(a)(i) in light of its findings. The Tribunal upheld the disallowance of club expenses as not related to the business and emphasized consistency in tax treatment across assessment years. The validity of reassessment proceedings was dismissed as not pressed. Case-Laws Income Tax Wed, 15 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=423952