deleting the addition of
Rs.39.77 lacs being disallowance of amortization of lease hold land despite
the fact that there is no provision ... lease hold land. It was
submitted on behalf of the assessee that lease hold land of longer
period (generally tenure of lease is 99 years
spread over
of such lease premium over the effective life of the lease. The assessee's claim for
amortization over the lease period ... carried from these leased
premises over the tenure of lease and therefore the corresponding cost in the form of pro-
rata lease premium is required
infrastructure undertakings. The lease period varied from 15 to 99 years and the
proportionate amount of lease premium, spread over the lease period, was claimed ... spread over of
such lease premium over the effective life of the lease. The assessee's claim for
amortization over the lease period
infrastructure undertakings. The lease period varied from 15 to 99 years and the
proportionate amount of lease premium, spread over the lease period, was claimed ... spread over of such lease premium over the effective life of the lease. The
assessee's claim for amortization over the lease period
amount of Rs.38,43,091/- on account of
'Amortization of lease hold land'. He further observed that on this issue the
disallowance ... facts in confirming the
disallowance of Rs.38,43,091/- being amortization of lease
payment. These are allowable business expenditure for determining
the taxable income
being treated as capital in nature, disallowance of lease amortization
charges of Rs.21,42,722/- and prior period expenses ... maintenance expenditure of Rs.67,50,588/- as capital in nature, lease
amortization charges of Rs.21,42,722/-, prior period expenses
Further, it was
pointed out that even the amortization of leasehold premium over the life of lease was
not to be allowed as expenditure ... assessee as deduction.
43. The second issue of amortization of leasehold premium over the period of
lease is not allowable as deduction in view
find that the ld AO had disallowed the lease amortization
premium of Rs 1,29,52,157/- as a separate line item while computing ... Since the issue of disallowance of lease amortization premium of Rs
1,29,52,157/- has been restored back to the file
confirming the
disallowance of Rs.14,01,000/- on account of amortization of
lease rent treating the same as of capital nature. Your appellant
submits ... relation to confirmation of disallowance of
Rs.14,01,000/- being amortization of lease rent paid treating the
same as of capital nature
merits, on the issue with respect to amortization of lease hold land,
claim of depreciation and deduction u/s. 35D , he submitted that during ... unsustainable in law. With
respect to the amortization of lease hold land ld. A.R. further submitted that
Assessee had not claimed the deduction
