https://www.taxtmi.com/caselaws?id=446159 Lease rentals paid for vehicles and computers were claimed as business expenditure, but the Tribunal found the record incomplete because the lease agreement schedules had not been produced despite directions. The allowability depended on the true character of the arrangement, including whether the assets had been reclassified as owned assets, whether a purchase option had been exercised, and whether the transaction was in substance a finance lease or an operating lease. Because the relevant documents were missing, the matter was sent back for fresh factual verification and a decision on the lease rental claim in accordance with law. en-us Fri, 24 Nov 2023 00:00:00 +0530 Mon, 27 Nov 2023 12:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446159 Lease rentals paid for vehicles and computers were claimed as business expenditure, but the Tribunal found the record incomplete because the lease agreement schedules had not been produced despite directions. The allowability depended on the true character of the arrangement, including whether the assets had been reclassified as owned assets, whether a purchase option had been exercised, and whether the transaction was in substance a finance lease or an operating lease. Because the relevant documents were missing, the matter was sent back for fresh factual verification and a decision on the lease rental claim in accordance with law. Case-Laws Income Tax Fri, 24 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446159