https://www.taxtmi.com/caselaws?id=289561 Expenditure incurred by a tenant on alterations, repairs and fitting out of leased premises to make them suitable for trade was treated as capital expenditure rather than deductible revenue expenditure. The true character of the outlay depended on its substance and purpose on general income-tax principles, not on section 137 of the Income Tax Act 1952. Because the works formed part of acquiring and adapting the premises for business use, and were given in substitution for rent concessions over the lease term, the expenditure was held to be capital in nature and not deductible as trading expense. The appeal succeeded for the Revenue. en-us Tue, 13 Nov 1956 00:00:00 +0530 Thu, 06 Aug 2020 18:16:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=289561 Expenditure incurred by a tenant on alterations, repairs and fitting out of leased premises to make them suitable for trade was treated as capital expenditure rather than deductible revenue expenditure. The true character of the outlay depended on its substance and purpose on general income-tax principles, not on section 137 of the Income Tax Act 1952. Because the works formed part of acquiring and adapting the premises for business use, and were given in substitution for rent concessions over the lease term, the expenditure was held to be capital in nature and not deductible as trading expense. The appeal succeeded for the Revenue. Case-Laws Income Tax Tue, 13 Nov 1956 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=289561