https://www.taxtmi.com/caselaws?id=430309 A mining lease holder's separately acquired surface rights and related mining-linked rights were treated as capital expenditure giving rise to depreciable business or commercial rights under section 32(1)(ii), and depreciation was allowed. Interest paid for delayed remittance of TDS was held to be compensatory rather than penal and was deductible as business expenditure under section 37. The allowability of expenditure claimed under section 35E was remanded for verification of whether depreciation had already been claimed on the same item. The carry-forward loss ground was also restored for examination in consequential proceedings. en-us Mon, 14 Nov 2022 00:00:00 +0530 Tue, 15 Nov 2022 17:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=430309 A mining lease holder's separately acquired surface rights and related mining-linked rights were treated as capital expenditure giving rise to depreciable business or commercial rights under section 32(1)(ii), and depreciation was allowed. Interest paid for delayed remittance of TDS was held to be compensatory rather than penal and was deductible as business expenditure under section 37. The allowability of expenditure claimed under section 35E was remanded for verification of whether depreciation had already been claimed on the same item. The carry-forward loss ground was also restored for examination in consequential proceedings. Case-Laws Income Tax Mon, 14 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=430309