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TMI Blog2023 (7) TMI 1490X X X X Extracts X X X X X X X X Extracts X X X X ..... I 1 - SUPREME COURT] was a case in which the Assessee had obtained lease of premises over a period of 39 years in which there was a old building which was demolished and a new building constructed, to suit the business of the Assessee.The Hon ble Supreme Court held that an expenditure has to be looked at from a commercial point of view. The advantage obtained by the Assessee by constructing a building, the ownership of which was on somebody else, for the purpose of obtaining a long lease of a new building, suitable to it s business needs, that too at a concessional rate, was found to be a revenue expenditure. In fact, the saving in expenditure by reason of the low rent made also a revenue expenditure and not a capital expenditure. Ayesha Ho ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Tax Department, National E Assessment Centre, Delhi, Joint Commissioner, Government of India, Ministry of Finance, Income Tax Department, National E Assessment Centre, Delhi, Joint Commissioner of Income Tax, Lok Nayak Bhawan, Dakbanglow Raod, Dy. Commissioner, Government of India, Ministry of Finance, Income Tax Department, National E Assessment Centre, Delhi, Deputy Commissioner of Income Tax, Lok Nayak Bhawan, Dakbanglow Road, P.S Kotwali Patna, Assistant Commissioner, Government of India, Ministry of Finance, Income Tax Department, National E Assessment Centre, Delhi, Assistant Commissioner of Income Tax, Lok Nayak Bhawan, Dakbanglow Road, P.S Kotwali Patna HONOURABLE THE CHIEF JUSTICE And HONOURABLE MR. JUSTICE PARTHA SARTHY For the P ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... has been standing for 20 years and that it was renovated and beautified for use as a conference hall. The asset was found to be a building existing for more than an year, thus, limiting the claim of depreciation to 10% as against the returned claim of 50%. 4. Madras Auto Service P. Ltd. (supra) was a case in which the Assessee had obtained lease of premises over a period of 39 years in which there was a old building which was demolished and a new building constructed, to suit the business of the Assessee. Under the terms of the lease, the new building belonged to the lessor but, however, the Assessee/as lessee occupied it on a extremely low rent, as stipulated in the lease agreement. The Hon ble Supreme Court held that an expenditure has to ..... X X X X Extracts X X X X X X X X Extracts X X X X
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