Leasing charges allowable as Revenue expense if lessee have no ownership right over leased asset

ThoughtWorks Technologies (India) Private Limited Vs DCIT (ITAT Bangalore) As per clause 4 of the agreement between the assessee and the First Leasing (lessor) the asset shall remain the exclusive property of the lessor (First Leasing) at all times. It further provides that the lessee at no time during the lease period can capitalize the assets in its books of account since the ownership of the asset lies with the lessor. Further, as per clause 19 of the said agreement, the assessee company (lessee) shall surrender the leased assets to First Leasing in good condition and working order on expir...