https://www.taxtmi.com/caselaws?id=38833 A 22-year lease of a tea estate, giving the lessee extensive rights to work the estate, improve and extend plantations, maintain nurseries, manage the garden and deal with export quota, was analysed as creating an enduring business advantage. The consideration, though partly treated as rent and spread over the lease term, was held to be capital in substance because it secured long-term use and development of the estate rather than merely existing stock-in-trade. Applying the distinction between capital and revenue expenditure, the payment was characterised as capital expenditure and not allowable as business revenue expenditure. en-us Wed, 07 Apr 1976 00:00:00 +0530 Fri, 09 Apr 2010 12:44:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38833 A 22-year lease of a tea estate, giving the lessee extensive rights to work the estate, improve and extend plantations, maintain nurseries, manage the garden and deal with export quota, was analysed as creating an enduring business advantage. The consideration, though partly treated as rent and spread over the lease term, was held to be capital in substance because it secured long-term use and development of the estate rather than merely existing stock-in-trade. Applying the distinction between capital and revenue expenditure, the payment was characterised as capital expenditure and not allowable as business revenue expenditure. Case-Laws Income Tax Wed, 07 Apr 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38833