COMMISSIONER OF INCOME TAX VI vs. VIRTUAL SOFT SYSTEMS LTD
The appeal is hereby dismissed leaving parties to bear their own cost
C.A. No.-004358-004358 - 2018Supreme Court24 Apr 2018
Bench: HON'BLE MR. JUSTICE R.K. AGRAWAL
depreciation should
be deducted from the original cost of the leased asset in the
balance sheet of the lessor to arrive at the net book value.
(d)
Balance standing in Lease Adjustment Account should be
adjusted in the net book value of the leased assets. The
amount of adjustment in respect of each class of fixed assets
may be shown
