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2014 (3) TMI 620 - HC - Income TaxNature of Expenses – Capital or Revenue - Expenses on foreign travel and on repairs – Held that:- The Tribunal has come to a finding that the assessee has renovated rented premises - the Department has no case that the amounts spent by the assessee will be reimbursed or compensated by the lessor – Relying upon CIT v. TVS Lean Logistics Ltd. [2007 (6) TMI 44 - HIGH COURT, MADRAS] - The assessee did not acquire a capital asset but had put up a construction of the building only for business advantage with the result that the entire construction cost was admissible as revenue expenditure. The authorities below have found that the assessee had incurred the expenditure for the purpose of business or profession of the assessee in the property taken on lease, the assessee did not acquire any capital asset but was only making certain expenditure for business advantages – thus, the authorities below had not committed any error in treating the expenditure as revenue expenditure.
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