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Income Tax - Highlights / Catch Notes

Home Highlights April 2017 Year 2017 This

Claim of deduction as Current repairs u/s 31 - when each of the ...

Income Tax

April 6, 2017

Claim of deduction as Current repairs u/s 31 - when each of the Department/Division perform different functions, repair/substitution of an old machine will not come within the definition of the word “current repairs” and deduction cannot be claimed thereunder - SC

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  1. Revenue or capital expenditure - current repairs u/s 31 - overhead expenditure on construction - deductionallowed - AT

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

  3. Current repairs – assessee cannot claim the benefit of written down value of the cost of construction which he had incurred under the head Current repairs - HC

  4. Nature of expenditure - current repairs - replacement of decayed parts - The assessee explains that the replacement was necessary for the manufacturing process, and...

  5. Scope of the term Current Repairs - Disallowance of the cost of chamber assembly – Replacing compressor in the air-condition machine and picture tube in the television...

  6. Current Repairs - ‘Nature & Treatment’ of expense

  7. Deduction u/s 31 - current repair to machinery or plant - replacement of parts -The mere fact that the new parts are different from those that were replaced, in terms of...

  8. Current repairs u/s 31- repair / replacement of damaged transformer - Held that:- it was case of restoration of its existing capabilities and not a case of acquisition...

  9. Expenses on purchase on new items - Acquisition of new assets for replacement of existing assets as current repairs - 10% of items listed by the AO are held to be of capital - AT

  10. Revenue or Capital expenditure – replacement/ overhauling/ rejuvenation - to preserve and maintain already existing asset - allowed as current repairs - AT

 

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