Current Repairs - ‘Nature & Treatment’ of expense

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..... Current Repairs Though there s no specific definition as per the Income Tax Act, 1961. We generally assumed it is for the repairs of Building Plant Machinery. Section 30 31 of Income Tax Act, 1961 provides for the treatment of Current/Revenue repairs of Building Plant Machinery. However, there s always some confusion regarding Nature Treatment of expense, so beneath a .....

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..... art of composite machinery In case of replacement of part of composite machinery which functions independently, has substantial period of life identifiable and measurable cost then such replacement of part will be capitalized. The DCIT, Madurai. vs M/S. Ramco Industries Limited and M/S. Ramco Industries Limited vs ACIT, Circle 1, Virudhunagar. 2020 (2) TMI 921 - ITAT Chennai. Expens .....

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