Home Highlights September 2012 Year 2012 This

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1. Capital expenditure vs Revenue expenditure - any expenditure on replacement or repairs to plant and machinery which does not bring into existence any enduring or...

2. Expenditure incurred for modernisation / replacement of machinery is not "current repairs" u/s 31(i) - SC

3. Nature of expenses - expenditure incurred on capital stores and spares - replacement of spares in the machineries - The ITAT the expenditure incurred cannot be treated...

4. Disallowance of non-compete fees - Capital or revenue expenditure - expenditure has to be disallowed as capital expenditure - however depreciation to be allowed - AT

5. Expenditure on current repair, maintenance and replacement on the leased Thermal power station - revenue expenditure or capital expenditure - HC

6. Disallowance of software expenses - Disallowance is in respect of expenditure claimed towards “repairs - computers-annual maintenance” and “Repairs-computers-others” -...

7. Disallowance of expenditure on account of shifting of machines - capital or revenue expenditure - plant and machineries had to be dismantled and transported and again...

8. Bond issue expenses - Capital or revenue in nature - held as revenue expenditure - AT

9. Nature of expenditure - current repairs - cost of replacement of machineries like Motor Rollers, Spindles, Gears etc. in the Textile Mill - the replacement of the...

10. Disallowance of pre-operating expense for a “Mawa Project” - revenue v/s capital expenditure - expenditure incurred for expansion of the dairy business of the assessee -...

11. Revenue or capital expenditure - current repairs u/s 31 - overhead expenditure on construction - deductionallowed - AT

12. Capital expenditure or revenue expenditure - the expenditure incurred in regaining this profit company unit is in the nature of a capital expenditure and not the revenue...

13. Nature of expenditure - reconditioning/repair of plant and machinery - so long as only part of the machinery has been replaced as in the instant case to preserve and...

14. Revenue expenditure or capital expenditure - Section 37(1) - Disallowance on account of expenditure incurred for CDR - The CDR contains several waivers and modifications...

15. Capital expenditure or revenue expenditure - Deferment of revenue expenditure - Expenses incurred by the assessee on the replacement of membranes - the nature of...