Lease Cancellation Creates Capital Asset, Qualifies as Capital Expenditure; Allows Depreciation for Business Benefit.

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Full Text of the Document

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....Cancellation of the lease and the payments of the consideration - It is clearly a capital asset has come into existence in the hands of the assessee, which is of enduring benefit for the business of the assessee and consequently, the expenditure is liable to be treated as capital expenditure - Depreciation to be allowed - AT....