Expenditure incurred by the assessee on leased premises, cannot be treated as capital expenditure and has to be allowed as Revenue expenditure

The expenditure incurred by the assessee on leased premises, cannot be treated as capital expenditure and has to be allowed as Revenue expenditure. The finding of the Tribunal that 12.5% of net ad revenues is arms length price, was not challenged by the Revenue, we uphold the findings of the first appellate authority. Money received from a holding company with whom the assessee does not have any trading or business transaction cannot be considered as trading receipt. When there is no contractual agreement or a right to receive, the amount is not taxable as income. Applying these principles to ...