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Court Upholds Use of ICAI Guidance Note for Tax Treatment of Lease Equalization Charges Under Income Tax Act.

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Full Text of the Document

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....Deduction on account of lease equalization charges from lease rental - No force in the contentions of the Revenue that the accounting standards prescribed by the Guidance Note (issued by the ICAI) cannot be used to bifurcate the lease rental to reach the real income for the purpose of tax under the IT Act. - SC....

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