https://www.taxtmi.com/caselaws?id=285328 A grant for research and development was treated as capital in nature where the agreement required the cash component to be kept as an earmarked corpus and invested in long-term financial instruments, with only the interest available for use; the character of the receipt depended on the purpose and conditions attached to it, so the principal was not taxable as income. Lease rent paid for Narela leasehold land was treated as revenue expenditure because the assessee merely obtained the right to use the land for business, while ownership remained with the lessor; the long-term nature of the lease did not convert the periodic rent into capital expenditure. en-us Thu, 31 Dec 2009 00:00:00 +0530 Wed, 08 Jan 2020 11:15:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=285328 A grant for research and development was treated as capital in nature where the agreement required the cash component to be kept as an earmarked corpus and invested in long-term financial instruments, with only the interest available for use; the character of the receipt depended on the purpose and conditions attached to it, so the principal was not taxable as income. Lease rent paid for Narela leasehold land was treated as revenue expenditure because the assessee merely obtained the right to use the land for business, while ownership remained with the lessor; the long-term nature of the lease did not convert the periodic rent into capital expenditure. Case-Laws Income Tax Thu, 31 Dec 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=285328