Lease Rent for Car taken on finance lease allowed in income computation

Advocate Akhilesh Kumar Sah Deduction of lease rentals paid towards cars taken on finance lease allowed while computing income: Phillips India appeal Recently in, Phillips India Ltd. formerly Philips Electronics India Ltd. vs. ACIT [I.T.A No. 612/Kol/2017, A.Y. : 2012-13, decided on 07.02.2018], apart from other issues/grounds, the assessee claimed lease rental paid for motor car taken on finance lease from Citi Corp amounting to Rs. 6,86,60,107. The same was treated as capital expenditure by the AO based on the reliance placed in assessee’s own case for the A.Y. 2003-04 which got con...