https://www.taxtmi.com/caselaws?id=436169 The High Court allowed the appeal under Section 260A of the Income Tax Act, 1961 against the order of the Income Tax Appellate Tribunal for the assessment year 1998-99. The Court ruled in favor of the assessee, stating that the appellant is entitled to bifurcation of lease rental as per accounting standards prescribed by ICAI. The Court emphasized the validity of accounting standards recommended by ICAI until prescribed by the Central Government, dismissing the contention that there is no express provision for deduction of lease equalization charges in the Income Tax Act. The appeal was allowed with no order as to costs. en-us Wed, 01 Feb 2023 00:00:00 +0530 Fri, 07 Apr 2023 10:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=436169 The High Court allowed the appeal under Section 260A of the Income Tax Act, 1961 against the order of the Income Tax Appellate Tribunal for the assessment year 1998-99. The Court ruled in favor of the assessee, stating that the appellant is entitled to bifurcation of lease rental as per accounting standards prescribed by ICAI. The Court emphasized the validity of accounting standards recommended by ICAI until prescribed by the Central Government, dismissing the contention that there is no express provision for deduction of lease equalization charges in the Income Tax Act. The appeal was allowed with no order as to costs. Case-Laws Income Tax Wed, 01 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=436169