https://www.taxtmi.com/caselaws?id=215147 Lease premium paid for long-term leasehold land was treated as capital expenditure because it secured enduring leasehold rights and was considered consideration for acquisition of a capital asset, so the deduction was rejected. In relation to exempt dividend income, no direct interest disallowance survived where borrowed funds were not shown to have financed the investments, but a reasonable attribution of administrative expense was sustained at 5% of dividend income. Statutory interest under section 234C was upheld, while bad debts written off were allowed despite not being claimed in the return because the statutory conditions were satisfied. The additional claim for CGTMSE contribution was admitted and remitted for verification. en-us Wed, 15 Feb 2012 00:00:00 +0530 Thu, 26 Jul 2012 15:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=215147 Lease premium paid for long-term leasehold land was treated as capital expenditure because it secured enduring leasehold rights and was considered consideration for acquisition of a capital asset, so the deduction was rejected. In relation to exempt dividend income, no direct interest disallowance survived where borrowed funds were not shown to have financed the investments, but a reasonable attribution of administrative expense was sustained at 5% of dividend income. Statutory interest under section 234C was upheld, while bad debts written off were allowed despite not being claimed in the return because the statutory conditions were satisfied. The additional claim for CGTMSE contribution was admitted and remitted for verification. Case-Laws Income Tax Wed, 15 Feb 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=215147