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Income Tax - Highlights / Catch Notes

Home Highlights December 2014 Year 2014 This

Whenever the assessee incurs expenditure for repair and ...

Income Tax

December 6, 2014

Whenever the assessee incurs expenditure for repair and maintenance of a building taken on lease for carrying on its business activity, it has to be allowed u/s 30(a)(i) -- AT

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  2. The amount spent on repair and maintenance of the building and construction of boundary wall thereof was held to be capital expenditure. - HC

  3. The expenditure incurred on such repair and maintenance of approach roads of godowns has not resulted in creation of any capital asset - AT

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

  5. If expenditure incurred by the assessee are in the nature of annual maintenance contracts, then such expenditure certainly are in the nature of revenue expenditure - AT

  6. Disallowances under section 30(1) - expenditure incurred on repair and renovation of renting premises allowed - HC

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

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  9. Management, Maintenance or Repair Service - Software Services Agreement - repair and maintenance of software - stay granted - AT

  10. Capital expenditure vs Revenue expenditure - expenditure on payment of lease rent and maintenance of the pipeline as per Build, Own, Operate, Transfer (BOOT) contract -...

 

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