Supreme Court of India
Commissioner of Income Tax, Tamil Nadu Ii, Madras v. Madras Auto Service (p) Ltd.
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From the headnote
Income Tax Act, 1961: Section 37(1) Income Tax-Capital or revenue expenditure- AYs 1968-69 and J 969- 70-Expenditure Incurred in constructing a new building not belonging to assessee-Nature of-Tests to determine-Assessee obtained lease of a premises for 39 years-Assessee Constructed a new building to suit the purposes of its business after demolishing the old building-Under the terms of the lease the new building belonged to the lessor right from its cor1struction and not to the assessee-However, assessee had the right to remain as tenant for 39 years on an extremely low rent-Held: Under such…
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