How revenue from leases and hire purchase transactions will be recognised.

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Full Text of the Document

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..... ICDS IV mandates that where the events of transfer of property in the goods and transfer of risk and rewards do not coincide, the revenue sholud be recognised when the risk and rewards are transferred. Lease transactions would not be treated as sale, but the lease rent would be taxed as income and the lessor will be entitled to depreciation. This view is supported by the fact that the definition....