https://www.taxtmi.com/caselaws?id=36385 Ownership for house-property taxation was treated as passing on execution and registration of the sale deed, so the bona fide annual value remained includible in income even though the vendor stayed in occupation rent-free as a licensee. A payment made after cancellation of earlier arrangements and in connection with securing exclusive rights to acquire land was characterised as capital in nature, not recurring revenue expenditure, because it secured an enduring business advantage and retired a competing interest. The note also records a dissent that viewed the payment as incurred in the ordinary course of the colonisation business and therefore deductible as revenue expenditure. 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 Ownership for house-property taxation was treated as passing on execution and registration of the sale deed, so the bona fide annual value remained includible in income even though the vendor stayed in occupation rent-free as a licensee. A payment made after cancellation of earlier arrangements and in connection with securing exclusive rights to acquire land was characterised as capital in nature, not recurring revenue expenditure, because it secured an enduring business advantage and retired a competing interest. The note also records a dissent that viewed the payment as incurred in the ordinary course of the colonisation business and therefore deductible as revenue expenditure. Case-Laws Income Tax Tue, 05 Feb 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36385