Lease Rental on equipment paid without Acquiring Ownership is Revenue Expenditure, allowable to Deduct from Taxable Income: ITAT [Read Order]

Lease Rental - revenue expenditure - deduct - taxable income - ITAT - taxscan

The Income Tax Appellate Tribunal ( ITAT ) held that 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 Income Tax Act,1961. The assessee claimed deduction of the principal component of lease payment in the computation of…

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