https://www.taxtmi.com/caselaws?id=769072 ITAT held that the assessee's practice of recording actual rent in the P&L and separately accounting incremental lease increases in a lease/rent equalization reserve (consistent with Accounting Standard-19) is an allowable business expenditure; the reserve is not a contingent liability, and the AO's and CIT(A)'s disallowance was deleted. The tribunal also held that amounts written off as bad debts represented business losses allowable under section 37, and those disallowances were deleted. en-us Wed, 16 Apr 2025 00:00:00 +0530 Mon, 10 Nov 2025 11:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=769072 ITAT held that the assessee's practice of recording actual rent in the P&L and separately accounting incremental lease increases in a lease/rent equalization reserve (consistent with Accounting Standard-19) is an allowable business expenditure; the reserve is not a contingent liability, and the AO's and CIT(A)'s disallowance was deleted. The tribunal also held that amounts written off as bad debts represented business losses allowable under section 37, and those disallowances were deleted. Case-Laws Income Tax Wed, 16 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=769072