Periodical lease rent cannot be equated with lump-sum payment for land acquisition

Shell India Markets (P) Ltd. Vs. DCIT (ITAT Mumbai) AO had referred to the provisions of section 269UA to come to the incorrect conclusion that once the period of lease agreement is more than 12 years, then it is considered as deemed transfer of land and whatever lease rentals are paid, whether it is periodical or lumpsum, it is for the purpose of acquiring such property. Since the assessee had not made any lump sum payment, except refundable security deposit for acquiring such lease rights and it was also amply clear from the clauses of the lease agreement that the assessee was not owner of t...