https://www.taxtmi.com/caselaws?id=36385 Income from house property is taxable on the bona fide annual value once ownership passes through execution and registration of the sale deed, irrespective of actual rent receipt or the vendor's rent-free occupation as licensee. A payment made after cancellation of prior arrangements to secure exclusive rights to acquire land and remove another party's competing interest is capital expenditure, not a deductible recurring business expense. The payment was therefore not allowable as revenue expenditure, although a dissenting view treated it as incurred in the ordinary course of a colonisation business to obtain an exclusive contractual purchase right. en-us Tue, 05 Feb 1980 00:00:00 +0530 Mon, 22 Mar 2010 10:52:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36385 Income from house property is taxable on the bona fide annual value once ownership passes through execution and registration of the sale deed, irrespective of actual rent receipt or the vendor's rent-free occupation as licensee. A payment made after cancellation of prior arrangements to secure exclusive rights to acquire land and remove another party's competing interest is capital expenditure, not a deductible recurring business expense. The payment was therefore not allowable as revenue expenditure, although a dissenting view treated it as incurred in the ordinary course of a colonisation business to obtain an exclusive contractual purchase right. Case-Laws Income Tax Tue, 05 Feb 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36385