https://www.taxtmi.com/caselaws?id=276746 Annual payments made to secure the right to enter land, prospect, win and quarry limestone, and then manufacture lime, were treated as capital expenditure rather than revenue outlay. The right acquired was not merely a purchase of raw material for current use, but a source and means of obtaining the raw material itself, conferring an advantage of enduring benefit in the nature of a capital asset. The periodic character of the payment did not change its essential nature. The amount was therefore not deductible as revenue expenditure under section 10(2)(xv) of the Indian Income-tax Act, 1922. en-us Wed, 09 Oct 1963 00:00:00 +0530 Fri, 16 Nov 2018 16:46:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276746 Annual payments made to secure the right to enter land, prospect, win and quarry limestone, and then manufacture lime, were treated as capital expenditure rather than revenue outlay. The right acquired was not merely a purchase of raw material for current use, but a source and means of obtaining the raw material itself, conferring an advantage of enduring benefit in the nature of a capital asset. The periodic character of the payment did not change its essential nature. The amount was therefore not deductible as revenue expenditure under section 10(2)(xv) of the Indian Income-tax Act, 1922. Case-Laws Income Tax Wed, 09 Oct 1963 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276746