TMI Blog2007 (6) TMI 149X X X X Extracts X X X X X X X X Extracts X X X X ..... A 418/2007 - - - Dated:- 5-6-2007 - P.D.DINAKARAN and P.P.S.JANARTHANA RAJA JJ. JUDGMENT The judgment of the court was delivered by P.D.DINAKARAN,J. - The above tax case appeal is directed against the order of the Income-tax Appellate Tribunal in ITA No.401/Mds/2001 dated 29.9.2006, raising the following substantial question of law. "Whether in the facts and circumstances of the cas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unt otherwise payable over the period of twenty years and that the assessee had treated the said payment as capital in its books of account in order to project a boosted profit to impress the share holders, treated the said payment as capital expenditure. 4. Aggrieved by the order of the Assessing Officer, the assessee preferred an appeal before the Commissioner of Income Tax (Appeals), who, h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ome Tax v. Gemini Arts P. Ltd. (254 ITR 201). 4. In Commissioner of Income Tax v. Gemini Arts P. Ltd. [2002] 254 ITR 201) the assessee therein had entered into a leasehold agreement for forty eight years and paid the rent for forty seven years as lump sum and claimed the entire sum as deduction. The Tribunal allowed the same on the ground that the expenditure was incurred wholly and exc ..... X X X X Extracts X X X X X X X X Extracts X X X X
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