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Re-possession Costs for Club Deemed Capital, Not Revenue; Ownership Lies with Assessee per Joint Development Agreement.

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....Expenditure incurred for re- possession of the club - capital or revenue in nature - when as per the JDA, the ownership is vested in the assessee and the plot owners have no right in the assets of the club, it cannot be said that creating the asset of the club is a revenue expenditure - AT....

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