1978 (3) TMI 138

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..... modified the assessment made on the assessee by the 1st ITO, Cir. I, Cuddalore under s. 143(3) of the IT Act, 1961 for the asst. yr. 1975-76 the relevant previous year ending 31st March, 1975. 2. The assessee is a firm, carrying on the business of purchase and sale of jewellery at Cuddalore. It has taken on lease a premises on the monthly rent of Rs. 300. For the assessment year under considera .....

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..... as not a perpetual lease and the expenditure in question did not confer any advantage of enduring nature. He also observed that the expenditure incurred in putting up show cases and making decorations etc. should not be said to be of capital nature because such expenditure had to be incurred once in three or four years. He accordingly, directed the disallowance of Rs. 38,509. Hence this appeal by .....

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..... ting the property. In support of this, it has produced a certificate issued by the trustee of Shri Valli Ammal Kattalia, from whom the property has been taken on lease. It was explained that the expenditure has been incurred for putting up false ceiling, plastering, painting and making other decorations. He was, however, not able to give us the details of the expenditure. 5. Having regard to the .....

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