Nature of expenditure - Expenditure incurred by the assessee ...

Income Tax

September 6, 2021

Nature of expenditure - Expenditure incurred by the assessee towards repairs and renovation of the premises to house the branch - if the expenditure incurred by the assessee is on the revenue front, whether the premises is taken on lease or not is immaterial and the same is always an allowable deduction - CIT(A) misinterpreted Explanation 1 to section 32(1) of the I.T.Act - the assessee is entitled to deduction as revenue expenditure. - AT

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Nature of expenditure - Expenditure incurred by the assessee ...

Income Tax

September 6, 2021

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