https://www.taxtmi.com/caselaws?id=765741 The ITAT Mumbai dismissed the Revenue's appeal regarding disallowance of finance lease rental payments. The AO had treated these payments as capital expenditure, but the CIT(A) deleted the addition. The assessee claimed deduction under section 37(1). Following a Karnataka HC precedent in the lessor's case, the coordinate bench had already allowed the deduction claim for the year in question. Since the assessee's claim for finance lease rental payment deduction was permitted, the Revenue's challenge regarding depreciation allowance became infructuous, resulting in dismissal of the appeal. en-us Tue, 04 Feb 2025 00:00:00 +0530 Sat, 08 Feb 2025 09:12:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765741 The ITAT Mumbai dismissed the Revenue's appeal regarding disallowance of finance lease rental payments. The AO had treated these payments as capital expenditure, but the CIT(A) deleted the addition. The assessee claimed deduction under section 37(1). Following a Karnataka HC precedent in the lessor's case, the coordinate bench had already allowed the deduction claim for the year in question. Since the assessee's claim for finance lease rental payment deduction was permitted, the Revenue's challenge regarding depreciation allowance became infructuous, resulting in dismissal of the appeal. Case-Laws Income Tax Tue, 04 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765741