Lease rentals allowed as revenue expenditure u/s 37(1) even in finance lease

Tristar Container Services (Asia) Private Limited Vs ACIT (ITAT Chennai)

Lease charges paid for the use of the asset, without acquiring any ownership rights in the same, are allowable as revenue expenditure under Section 37 of the Act.

Facts-

The assessee as a lessee takes on lease marine containers and sub-leases the same to its customers. The income thus earned by the assessee is offered to tax. The leased contained are taken under ope

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