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    Income Tax

    Amortization of lease premium(advance rent) over lease period -...

    Amortizing Lease Premium as Revenue Expenditure Permitted for Business Operations, Not Asset Acquisition, Under Accounting Rules.

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    Income TaxJuly 4, 2019Case LawsAT

    Amortization of lease premium(advance rent) over lease period - once the nature of payment is found to be for the purpose of carrying on business and not to acquire capital asset then such expenditure has to be considered to be in the revenue field and therefore allowable as per the method of accounting followed by the assessee.

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