Court Considers Deductibility of Preoperative Expenditures in Subleasing Case; Assessee's Income Reported for Tax Purposes.

Nature of expenditure - capital in nature being preoperative expenses or not - Since there is no dispute to the fact that the assessee has offered to tax the income arising to it on account of subleasing of the said property, therefore, by simple logic corresponding expenditure i.e. the Government fees paid towards sub leasing of the property should be allowed as expenditure. .....

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