1998 (8) TMI 1 - SC - Income Tax

Acting under the lease agreement, the assessee invested a sum of Rs. 1,62,835 in the previous year relevant to the assessment year 1968-69 and Rs. 50,937 during the succeeding year in constructing a new building on the said land - Tribunal was right in holding that the building expenses of Rs. 1,62,835 are not liable to be taken into account as deductible expenditure in arriving at the real income of the assessee for the assessment year 1968-69 - Impugned expenditure are revenue expenditure