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TMI Blog1980 (3) TMI 35X X X X Extracts X X X X X X X X Extracts X X X X ..... espondent-assessee is New Garage Ltd., which is now under winding up. The reference relates to the assessment year 1962-63. The assessee is a limited company. The business of the assessee during the previous year relevant to the assessment year 1962-63 was that of repairing vehicles, selling tractors, implements and spares purchased from M/s. Escorts Ltd. For the purpose of this business, the as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... amount was inadmissible as it was of capital nature. However, on further appeal by the assessee, the Tribunal pointed out that in the present case there had been no change in the company itself, though there had been a change in the shareholding. The assessee-company was and continued to be the tenant of the premises and the tenancy rights which were very valuable were in jeopardy when the landlo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s, the Tribunal was right in law in holding that the sum of Rs. 10,000 was a business expenditure of revenue nature entitled to deduction in computing the total income of the asssssee-company ?" We are in full agreement with the view taken by the Tribunal. As pointed out by it, the assessee-company was the tenant of the premises in question. The tenancy rights were very valuable rights and what ..... X X X X Extracts X X X X X X X X Extracts X X X X
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