Court Upholds Lease Equalization Charges Deduction for Accurate Depreciation under Companies Act Section 211(2.

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....Deduction of lease equalization charges from lease rental income - lease equalization charges is a method of re-calibrating the depreciation – we cannot find fault with the assessee debiting lease equalization charges in the AYs in issue, in its P&L A/c. This represents true and fair view of the accounts; a statutory requirement u/s 211(2) of the Companies Act. .... - HC....