https://www.taxtmi.com/caselaws?id=25261 The court held that the expenses incurred by the partnership firm for acquiring the right to quarry stones were of a capital nature, providing an enduring benefit and constituting a capital asset. As such, the expenditure was not considered admissible for deduction under section 37 of the Income-tax Act, 1961. The Tribunal's decision to classify the expenses as capital expenditure was upheld, affirming that the payments under the "Lease contract paid" head were capital in nature. en-us Tue, 07 Jul 1987 00:00:00 +0530 Wed, 27 Jan 2010 15:42:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25261 The court held that the expenses incurred by the partnership firm for acquiring the right to quarry stones were of a capital nature, providing an enduring benefit and constituting a capital asset. As such, the expenditure was not considered admissible for deduction under section 37 of the Income-tax Act, 1961. The Tribunal's decision to classify the expenses as capital expenditure was upheld, affirming that the payments under the "Lease contract paid" head were capital in nature. Case-Laws Income Tax Tue, 07 Jul 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25261