Income Accrual and Lease Nature Examined Under AS-19; Finance Lease Claim Rejected in Hire Purchase Case.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Accrual of income - Nature of Lease – Finance by hire purchase lease – classification as per Accounting Standard 19 (AS-19) - the question has to be seen from the terms of the agreement entered into between the assessee - the contentions of the assessee's is rejected that the transaction is only a finance lease....