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Enhanced Leased rental to acquire asset of enduring nature is capital expenditure
Case Law Details
- Case Name
- Shanker Trading (P.) Ltd. Vs Commissioner of Income-tax (Delhi High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All High Courts, Delhi High Court
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JUDGMENT
V.K. Jain, J.
M/s Shankar Trading (P) Limited (hereinafter referred to as the assessee) is engaged in the business of Katha and Cutch and had taken on lease, with effect from 01.06.1978, a factory belonging to Mehta Charitable Prajnalay Trust (hereinafter referred to as “the Trust”), which also was engaged in the business of manufacturing of the same products. Shri Bishan Dass and Shri Raj Kumar, two of the trustees of the Trust were also the directors and shareholders of the Assessee Company. 3 out of 5 directors of the assessee company were the sons of...
