https://www.taxtmi.com/caselaws?id=292373 The Tribunal directed the Assessing Officer to classify lease rent as capital or revenue expenditure, apportioning it accordingly. It confirmed that Section 40A(2) of the Income Tax Act did not apply to transactions with the Trust. The Tribunal also instructed the Assessing Officer to reassess the methodology for determining excessive lease rent, specifying rates for different components. Depreciation on the capital expenditure part was allowed from April 1998, with further examination post-April 2003. The Tribunal's directions were to calculate net disallowable expenditure based on these findings, partly allowing all appeals for statistical purposes. en-us Wed, 24 Oct 2018 00:00:00 +0530 Mon, 21 Dec 2020 10:51:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=292373 The Tribunal directed the Assessing Officer to classify lease rent as capital or revenue expenditure, apportioning it accordingly. It confirmed that Section 40A(2) of the Income Tax Act did not apply to transactions with the Trust. The Tribunal also instructed the Assessing Officer to reassess the methodology for determining excessive lease rent, specifying rates for different components. Depreciation on the capital expenditure part was allowed from April 1998, with further examination post-April 2003. The Tribunal's directions were to calculate net disallowable expenditure based on these findings, partly allowing all appeals for statistical purposes. Case-Laws Income Tax Wed, 24 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=292373