https://www.taxtmi.com/caselaws?id=427112 The tribunal ruled in favor of the assessee, allowing the principal portion of lease rentals as a deduction in the computation of income. It held that lease charges paid by the lessee for the use of the asset, without acquiring ownership rights, are allowable as revenue expenditure under the Income Tax Act. The tribunal emphasized the rule of consistency in tax treatment of lease rentals in previous assessment years and directed the Assessing Officer to re-compute the income without separately claiming depreciation on lease assets for the relevant assessment years. en-us Wed, 06 Jul 2022 00:00:00 +0530 Thu, 01 Sep 2022 20:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=427112 The tribunal ruled in favor of the assessee, allowing the principal portion of lease rentals as a deduction in the computation of income. It held that lease charges paid by the lessee for the use of the asset, without acquiring ownership rights, are allowable as revenue expenditure under the Income Tax Act. The tribunal emphasized the rule of consistency in tax treatment of lease rentals in previous assessment years and directed the Assessing Officer to re-compute the income without separately claiming depreciation on lease assets for the relevant assessment years. Case-Laws Income Tax Wed, 06 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=427112