Construction of super structure on lease hold land covered in explanation 1 to sec. 32, not of revenue nature

Brief of the Case

ITAT Chennai held In the case of The Continental Enterprise vs. ITO that as per explanation 1 to sec.32, where any business or profession is carried on in a leased building and any capital expenditure incurred for business or profession on the construction of any structure or doing any work in or in relation to building, it will be treated that such structure /work is a building own by the assessee. In the instant case, it is an admitted fact that the assessee has taken land on lease

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