Tristar Container Services Asia (P.) Ltd. v. ACIT (2019) 260 Taxman 277 (Mad.)(HC)

S. 37(1) : Business expenditure -Finance lease-Operating lease – Accounting Standard 19 – Matter remanded to Appellate Tribunal [S. 254(1)]

Court held that; question as to whether a lease is a finance lease or an operating lease depends on substance of transaction rather than its form . On facts the Appellate Tribunal has failed to consider the  Accounting Standard 19 issued in year 2001, Accordingly the matter is remanded to Appellate Tribunal. (AY. 2007-08 to 2012-13)