Consideration for obtaining leasehold rights for 99 years is capital in nature

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

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