Thursday, October 15, 2015

Book entry of lease equalization fund made to comply with ICAI’s guidance note is not includible in taxable income

The High Court of Bombay held that where lease equalisation fund was a mere book entry made to comply with Guidance Note issued by ICAI so as to meet Accounting Standards, assessee was justified in reducing amount credited in profit & loss account for purposes of determining income chargeable to tax.

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