https://www.taxtmi.com/caselaws?id=192701 Lease money paid to obtain quarry rights was held to be capital expenditure rather than revenue expenditure deductible under section 10(2)(xv) of the Indian Income-tax Act, 1922. The deduction provision was confined to expenditure incurred wholly and exclusively for business, and it did not cover payments that secured an enduring business advantage or the source of trading activity. On the facts, the assessee acquired the right to extract stones and sell them, not raw material for manufacture. The payments therefore represented acquisition of a capital asset or source of income and were not allowable as a revenue deduction. en-us Fri, 31 Jul 1953 00:00:00 +0530 Tue, 13 Jun 2017 18:04:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=192701 Lease money paid to obtain quarry rights was held to be capital expenditure rather than revenue expenditure deductible under section 10(2)(xv) of the Indian Income-tax Act, 1922. The deduction provision was confined to expenditure incurred wholly and exclusively for business, and it did not cover payments that secured an enduring business advantage or the source of trading activity. On the facts, the assessee acquired the right to extract stones and sell them, not raw material for manufacture. The payments therefore represented acquisition of a capital asset or source of income and were not allowable as a revenue deduction. Case-Laws Income Tax Fri, 31 Jul 1953 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=192701