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Consideration for obtaining leasehold rights for 99 years is capital in nature
Case Law Details
- Case Name
- Joint Commissioner of I.T Vs M/s. Mukund Limited (ITAT Mumbai - 'A' Special Bench)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All ITAT, ITAT Mumbai
The consideration of Rs.2.04 crores paid by the assessee company for obtaining the leasehold rights from MIDC in favour of the assessee for a period of 99 years is capital in nature and therefore, not allowable as deduction to the assessee.
IN THE INCOME TAX APPELLATE TRIBUNAL
MUMBAI “A” SPECIAL BENCH”, MUMBAI
ITA No.3488/M/99
Assessment Year: 1992-93
Joint Commissioner of I.T.,Special Range 25,Mumbai 400 020.
PAN/GIR No. DC/SR-43/8-M
Vs
M/s. Mukund Limited,Lal Bahadur Shastri Marg.Kurla, Bombay 400 070.
APPELLANT
RESPONDENT
C.O.No. 329/M/99
Assessment year: 1992-...
