TMI Blog2001 (1) TMI 11X X X X Extracts X X X X X X X X Extracts X X X X ..... ars 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 lump sum payment except the relief of not having to make the annual payment during the per ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t 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 assessment year in which the expenditure was incurred. The other question referred is as to whet ..... X X X X Extracts X X X X X X X X Extracts X X X X
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