Assessee Can Deduct Lease Equalization Charge from Gross Rentals Under ICAI Standards, Not Prohibited by Income Tax Act.

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....Lease equalization charge claimed as a deduction from gross lease rentals received - the assessee is entitled for bifurcation of lease rental as per the accounting standards prescribed by the ICAI. Moreover, there is no express bar in the IT Act regarding the application of such accounting standards. - HC....