ITAT Delhi Upholds Lease Equalization – ICAI Guidance Note Recognized as Valid

Delfin Finance P. Ltd. Vs ITO (ITAT Delhi) ITAT Delhi Upholds Lease Equalization – ICAI Guidance Note Recognized as Valid- Consistent Accounting Method Cannot Be Rejected Assessee, engaged in finance leasing, had claimed lease equalization charges computed as per the revised Guidance Note on Accounting for Leases issued by ICAI. AO disallowed lease equalization charges of Rs.44.59 lakh & depreciation of Rs.24.35 lakh on the ground that ICAI’s guidance note was not binding on tax authorities & that Assessee was trying to reduce taxable income by claiming dual benefit of depreciation...