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2004 (4) TMI 600
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....mar ORDER P. K. Misra J.- The following questions of law arise for determination : "1. Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was right in law in holding that the quarry lease rent paid to the Government for acquiring the right to excavate the granite on lease for ten years is capital expenditure ? 2. Whether, on the....
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....nd treated such expenditure as capital expenditure. In the appeal filed by the assessee, the appellate authority was of the opinion that no enduring asset had been obtained and the proportionate rent for the period in question was considered as revenue expenditure. Being aggrieved, the matter was taken to the Income-tax Appellate Tribunal by the Revenue. The Income-tax Appellate Tribunal relying u....
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....stries Ltd. v. CIT [1960] 40 ITR 67 and came to the conclusion that royalty payment including the dead rent on the facts and circumstances of the said case had to be treated as revenue expenditure. Two decisions reported in Pingle Industries Ltd. v. CIT [1960] 40 ITR 67 (SC) and Gotan Lime Syndicate v. CIT [1966] 59 ITR 718 (SC) were subsequently considered by the Supreme Court in Aditya Minerals ....