https://www.taxtmi.com/caselaws?id=29094 The High Court held that the expenditure of Rs. 59,500 for a long-term lease was deductible as a business expense since it was incurred for the purpose of earning income from the land. However, the income from lease rent was classified as income from other sources rather than business income, as the land was not a trading asset of the assessee. The Court affirmed the Tribunal's decision, ruling against the Revenue on both issues. en-us Tue, 31 Mar 1981 00:00:00 +0530 Wed, 10 Mar 2010 17:14:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29094 The High Court held that the expenditure of Rs. 59,500 for a long-term lease was deductible as a business expense since it was incurred for the purpose of earning income from the land. However, the income from lease rent was classified as income from other sources rather than business income, as the land was not a trading asset of the assessee. The Court affirmed the Tribunal's decision, ruling against the Revenue on both issues. Case-Laws Income Tax Tue, 31 Mar 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29094