https://www.taxtmi.com/caselaws?id=337814 The Tribunal upheld the CIT's order under section 263 of the Income Tax Act, affirming the correctness of disallowing claimed revenue expenditure on leased land and allowing depreciation on the modified property. The decision was based on the applicability of Explanation 1 to Section 32, clarifying the treatment of expenditure on leased premises for business purposes as capital in nature. The Tribunal differentiated scenarios involving modifications to leased properties, supporting the CIT's directive for reassessment in line with the law. en-us Fri, 13 Jan 2017 00:00:00 +0530 Mon, 03 Apr 2017 10:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=337814 The Tribunal upheld the CIT's order under section 263 of the Income Tax Act, affirming the correctness of disallowing claimed revenue expenditure on leased land and allowing depreciation on the modified property. The decision was based on the applicability of Explanation 1 to Section 32, clarifying the treatment of expenditure on leased premises for business purposes as capital in nature. The Tribunal differentiated scenarios involving modifications to leased properties, supporting the CIT's directive for reassessment in line with the law. Case-Laws Income Tax Fri, 13 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=337814