https://www.taxtmi.com/caselaws?id=432168 The High Court allowed the appeal, ruling in favor of the appellant against the Revenue. The Court held that the appellant was entitled to bifurcate lease rental income based on accounting standards, rejecting the Revenue's argument that there was no provision for such deduction in the Income Tax Act. The Court emphasized the significance of following ICAI guidelines to ascertain real income for tax purposes, ultimately deciding in favor of the appellant on all issues raised in the appeal. en-us Wed, 14 Dec 2022 00:00:00 +0530 Fri, 07 Apr 2023 10:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=432168 The High Court allowed the appeal, ruling in favor of the appellant against the Revenue. The Court held that the appellant was entitled to bifurcate lease rental income based on accounting standards, rejecting the Revenue's argument that there was no provision for such deduction in the Income Tax Act. The Court emphasized the significance of following ICAI guidelines to ascertain real income for tax purposes, ultimately deciding in favor of the appellant on all issues raised in the appeal. Case-Laws Income Tax Wed, 14 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=432168