The Pune Bench of the Income Tax Appellate Tribunal (ITAT) has observed that lease rent paid for acquiring mining rights is capital in nature and income tax deductions cannot be allowed.The two-member bench of Partha Sarthi Choudhary (Judicial Member) and Inturi Rama Rao (Accountant Member) disallowed the amount of Rs. 24,33,339 towards amortization of leasehold premium paid in respect of...
