HC upheld disallowance of lease premium amortization as Annual Lease Rent was very nominal

HIGH COURT OF DELHI Gail India Ltd. versus Joint Commissioner of Income-tax IT APPEAL Nos.956 & 957 OF 2011 NOVEMBER 5, 2012 JUDGMENT S. Ravindra Bhat, J.   The assessee in these appeals questions an order of the Income Tax Appellate Tribunal (ITAT) dated 22.01.2010 in ITA Nos.1372/Del/2001 and 1724/Del/2002 in respect of two assessment years. The questions of law were framed by Court in its order dated 11.08.2011 : Questions of law from order dated 11.08.2011 “(i)  Whether in view of the fact that in the earlier year the Tribunal had restored the issue relating to...