Section 37 of the Income Tax Act, 1961 — Business Expenditure — Amount paid as premium which has been amortized each year was advance payment and payment of rent was allowable as revenue Expenditure as annual rents payable by the assessee for various leases being nominal aligns from Rs. 1 to Rs. 100 per annum. the rents reserved under the lease deed are depressed rents — Balmer Lawrie & co Ltd. vs. Commissioner of income tax [2019] 310 CTR (Calcutta) 724