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Lease equalisation charges allowable expense; ICAI Guidance Note carries great weight: SC
Case Law Details
- Case Name
- CIT Vs Virtual Soft Systems Ltd. (Supreme Court of India)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- Supreme Court of India
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Supreme Court Ruling – The Guidance Note issued by Institute of Chartered Accountants of India on lease rental income which helps to compute lease equalisation charges, held to be allowable as a deduction. There is no express bar in the Income-tax Act, 1961 regarding the application of such accounting standards.
CIT-VI vs. Virtual Soft Systems Ltd. (Supreme Court)
[Civil Appeal Nos. 4358 to 4376 of 2018]/ [2018] 92 taxmann.com 370 (SC)
Facts of the case
The appellant is the Income Tax Department, on the other hand, the respondent (assessee) – M/s Virtual Soft Systems Ltd. is a company ...
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