Payment of principal amount under financial lease not allowable as revenue expenditure

 IN THE ITAT DELHI BENCH ‘F’ Rio Tinto India (P.) Ltd. V/s. Assistant Commissioner of Income-tax IT Appeal No. 363 (Delhi) of 2012 [Assessment Year 2007-08] JUNE 22, 2012 ORDER A.N. Pahuja, Accountant Member  This appeal filed on 24.01.2012 by the assessee against an order dated 25.11.2011 of the ld. CIT(A)-XVIII, New Delhi, raises the following grounds:- 1. “The entire order of the CIT(A)-XVIII [CIT(A)] is based on conjectures, surmises, incorrect application of law and erroneous assumptions and is hence liable to be quashed. 2. That the CIT(A) has grossly...