Supreme Court settles deduction of lease equalization charges in income tax: Commissioner of Income Tax vs. Virtual Soft Systems Ltd. (24 April 2018)

/ Abhay Manohar Sapre, Companies Act, 1956, Companies Act, 1956 with Section 211, Deductions Under Income Tax Act, 1961, Income Tax Act, 1961, Income Tax Act, 1961 with Section 145, Judges, R.K. Agrawal

Supreme Court Allows Lease Equalization Charges Deduction: Commissioner of Income Tax vs. Virtual Soft Systems Ltd. (2018) LEGAL ISSUE: Whether lease equalization charges can be deducted from lease rental income under the Income Tax Act, 1961, based on a Guidance Note issued by the Institute of Chartered Accountants of India (ICAI). CASE TYPE: Income Tax […]

Supreme Court settles deduction of lease equalization charges in income tax: Commissioner of Income Tax vs. Virtual Soft Systems Ltd. (24 April 2018) Read Post »