2016 (5) TMI 1271

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.... dismissed. The aggrieved assessee has come up in appeal. The question of law formulated at the time of admission of the appeal reads as follows: "Whether on a true and proper interpretation of the settlement dated October 9, 2001 and the joint working arrangement dated December 11, 2002, the payment of Rs. 67,50,000/- made by the appellant to the landlord was a revenue expenditure to be allowed as a deduction on proportionate basis over a period of 11 years and the purported findings of the Tribunal denying the deduction are arbitrary unreasonable and perverse?" The facts and circumstances of the case, briefly stated, are as follows. The assessee is a tenant of a Hindu undivided family, the Karta whereof was Sri Brijbansh....

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....been agreed that the Petitioner shall pay the Respondent No.1 a sum of Rs. 67,50,000/- by valid Bank draft(s)/Pay Order(s) payable at New Delhi which, at the request of the Respondent No.1, will be payable to The Insntalment Supply Ltd. in full and final settlement of all inter-se claims. Subject to the Respondent No.1 receiving the said sum of Rs. 67,50,000/- in the manner aforesaid before this Hon'ble Court, the Respondent No.1 accords its irrevocable consent/no-objection to the said Structures in the said tenanted Premises and confirms that it would have no objection to the New Delhi Municipal Council (NDMC) releasing any plan(s) and/or granting necessary certificate(s) with respect to the said Structures sanctioned by the Administra....