https://www.taxtmi.com/caselaws?id=186455 Payment made to acquire mining leasehold rights in manganese mines was treated as acquisition of a capital source enabling extraction of ore, not as purchase of stock-in-trade. The expenditure therefore had capital character and was not deductible in computing business profits. Legal and other expenses incurred to obtain the leases were also held to form part of the cost of acquiring the leasehold rights, and were similarly not admissible as revenue deductions. The reference was answered against the assessee, with the disputed amounts held non-deductible on capital account. en-us Mon, 15 Jun 1959 00:00:00 +0530 Mon, 19 Sep 2016 16:53:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=186455 Payment made to acquire mining leasehold rights in manganese mines was treated as acquisition of a capital source enabling extraction of ore, not as purchase of stock-in-trade. The expenditure therefore had capital character and was not deductible in computing business profits. Legal and other expenses incurred to obtain the leases were also held to form part of the cost of acquiring the leasehold rights, and were similarly not admissible as revenue deductions. The reference was answered against the assessee, with the disputed amounts held non-deductible on capital account. Case-Laws Income Tax Mon, 15 Jun 1959 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=186455