AAAR : Upholds AAR, Denies ITC of lease rent paid during pre-operative period

West Bengal AAAR upholds AAR, disallows Input Tax Credit of lease rent paid during pre-operative period for leasehold land on which resort is being constructed by appellant on own account to be used for furtherance of business, when the same is being capitalized and treated as capital expenditure; Rejects appellants plea that lease rent is paid to acquire the rights to the land and it can never be said that same has been used for construction of immovable property; Notes that...