https://www.taxtmi.com/caselaws?id=49555 The Supreme Court held that the lease money paid by the appellant to Nawab Mehdi Jung Bahadur and the Government constituted capital expenditure, as it was for acquiring an enduring asset rather than purchasing raw materials. The majority opinion emphasized that the payments were for a long-term exclusive right to extract stones, qualifying as a capital asset. The dissenting view focusing on the business aspect was rejected. Consequently, the appeal was dismissed with costs. en-us Tue, 26 Apr 1960 00:00:00 +0530 Fri, 27 Feb 2015 11:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49555 The Supreme Court held that the lease money paid by the appellant to Nawab Mehdi Jung Bahadur and the Government constituted capital expenditure, as it was for acquiring an enduring asset rather than purchasing raw materials. The majority opinion emphasized that the payments were for a long-term exclusive right to extract stones, qualifying as a capital asset. The dissenting view focusing on the business aspect was rejected. Consequently, the appeal was dismissed with costs. Case-Laws Income Tax Tue, 26 Apr 1960 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49555