https://www.taxtmi.com/caselaws?id=71683 A lump sum paid to MIDC as a condition precedent for a 99-year lease, being non-refundable and securing an enduring leasehold advantage, was treated as capital expenditure and not advance rent. Excise duty and sales tax were excluded from total turnover for section 80HHC computation in line with binding precedent in the assessee's own case, and the corresponding deduction was upheld. The stock understatement addition based on unused MODVAT was also deleted because the matter was covered by the Supreme Court in Indo Nippon Chemicals Ltd. The appeal was thus allowed only on the lease premium issue and otherwise decided in favour of the assessee. en-us Thu, 22 Jul 2004 00:00:00 +0530 Tue, 26 Apr 2011 15:57:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71683 A lump sum paid to MIDC as a condition precedent for a 99-year lease, being non-refundable and securing an enduring leasehold advantage, was treated as capital expenditure and not advance rent. Excise duty and sales tax were excluded from total turnover for section 80HHC computation in line with binding precedent in the assessee's own case, and the corresponding deduction was upheld. The stock understatement addition based on unused MODVAT was also deleted because the matter was covered by the Supreme Court in Indo Nippon Chemicals Ltd. The appeal was thus allowed only on the lease premium issue and otherwise decided in favour of the assessee. Case-Laws Income Tax Thu, 22 Jul 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71683