https://www.taxtmi.com/caselaws?id=758097 The ITAT Delhi allowed the assessee's appeal regarding lease rental payments. The AO had disallowed lease rent expenses by treating the arrangement as a finance lease rather than an operating lease. The tribunal, following the precedent in Minda Corporation Limited, held that lease rentals paid by the lessee for trucks constitute allowable revenue expenditure under section 37(1) of the Income Tax Act, despite the lease being categorized as a finance lease. The disallowance by the AO was deemed unjustified, and the assessee's claim for deductibility of lease rentals was upheld. en-us Wed, 26 Jun 2024 00:00:00 +0530 Thu, 09 Jul 2026 16:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=758097 The ITAT Delhi allowed the assessee's appeal regarding lease rental payments. The AO had disallowed lease rent expenses by treating the arrangement as a finance lease rather than an operating lease. The tribunal, following the precedent in Minda Corporation Limited, held that lease rentals paid by the lessee for trucks constitute allowable revenue expenditure under section 37(1) of the Income Tax Act, despite the lease being categorized as a finance lease. The disallowance by the AO was deemed unjustified, and the assessee's claim for deductibility of lease rentals was upheld. Case-Laws Income Tax Wed, 26 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=758097