https://www.taxtmi.com/caselaws?id=200804 A payment made to secure a proposed cinema lease was treated as advance rent rather than salami or premium, because its true character was a deposit linked to an expected business lease arrangement and not consideration for acquiring a capital asset. On that basis, the amount was regarded as expenditure laid out wholly and exclusively for the purpose of earning business profits and was deductible in computing business income. The reference was answered in favour of the assessee. en-us Fri, 02 Sep 1949 00:00:00 +0530 Tue, 24 Apr 2018 15:48:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=200804 A payment made to secure a proposed cinema lease was treated as advance rent rather than salami or premium, because its true character was a deposit linked to an expected business lease arrangement and not consideration for acquiring a capital asset. On that basis, the amount was regarded as expenditure laid out wholly and exclusively for the purpose of earning business profits and was deductible in computing business income. The reference was answered in favour of the assessee. Case-Laws Income Tax Fri, 02 Sep 1949 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=200804