https://www.taxtmi.com/caselaws?id=71253 The Tribunal upheld the CIT(A)'s decision to allow the deduction of the plot premium as revenue expenditure for the assessment year 1996-97. It rejected the Department's argument that the premium should be treated as a capital expenditure, emphasizing the temporary nature of the permission granted by the Gujarat Maritime Board and the absence of acquisition of a capital asset. The Tribunal dismissed the Department's appeals, affirming the treatment of the premium as revenue expenditure integral to the profit-earning process for the ship breaking operations. en-us Mon, 28 Jan 2002 00:00:00 +0530 Fri, 22 Apr 2011 11:42:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71253 The Tribunal upheld the CIT(A)'s decision to allow the deduction of the plot premium as revenue expenditure for the assessment year 1996-97. It rejected the Department's argument that the premium should be treated as a capital expenditure, emphasizing the temporary nature of the permission granted by the Gujarat Maritime Board and the absence of acquisition of a capital asset. The Tribunal dismissed the Department's appeals, affirming the treatment of the premium as revenue expenditure integral to the profit-earning process for the ship breaking operations. Case-Laws Income Tax Mon, 28 Jan 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71253