2001 (1) TMI 11

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....had leasehold for 48 years chose to pay with the consent of the lessor the rent for 47 years in the assessment year 1981-82. The lease was for a period of 48 years from February 18, 1980, and the lump sum payment was made on March 22, 1980. The terms of the lease did not contemplate any increase in the rate or rental during the period of lease. The lessee got no other advantage by reason of this l....

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....e fact that the payment was made in lump sum for the entire duration of the lease does not alter the character of it being a revenue expenditure. The expenditure so incurred by the assessee being of a revenue character it has to be deducted from its income in the year in which the expenditure was incurred. The Tribunal was right in holding that the expenditure should be allowed in the assessmen....