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Income Tax - Highlights / Catch Notes

Home Highlights May 2012 Year 2012 This

Expenditure on current repair, maintenance and replacement on ...

Income Tax

May 3, 2012

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

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  1. Disallowance expenditure towards replacement of machinery - Revenue OR Capital - not amounting to "current repairs" and to be not allowed as revenue expenditure - HC

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

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

  4. Expenses incurred on Life Extension Program (LEP) of Thermal Power Station to be treated as revenue expenditure - HC

  5. Services have been availed for erection, installation & commissioning, repairing and maintenance and insurance of the fly ash extraction plant installed by the appellant...

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

  7. Expenditure for repairs and maintenance to plant & machinery - If the expenditure incurred by the assessee would not result in replacement of old machinery with new,...

  8. Nature of expenditure - current repairs - cost of replacement of machineries like Motor Rollers, Spindles, Gears etc. in the Textile Mill - the replacement of the...

  9. 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

  10. 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

 

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