2008 (5) TMI 379

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..... No. 11 of 1999 has been preferred by the Deputy Commissioner of Income-tax against the order dated November 10, 1998, passed by the Income-tax Appellate Tribunal by which a sum of Rs. 4,26,000, which was incurred by the respondent-assessee on the repairs and maintenance of the rooms of the hotel was treated as an expenditure as that amount had not resulted into the acquisition of a new asset. The .....

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..... he said amount was not treated as an asset of the respondent, the view cannot be held to be contrary to the law or fact and hence in our view also, the Tribunal appears to be correct in concluding that the said amount ought to be treated as an expenditure and not as income. In view of the ratio of the Division Bench referred to hereinbefore, we see no ground to entertain this appeal. The appeal th .....

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