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Income Tax - Highlights / Catch Notes

Home Highlights November 2019 Year 2019 This

Addition on account of renovation and modernization of projects ...

Income Tax

November 25, 2019

Addition on account of renovation and modernization of projects - interest expenses incurred subsequent to completion of renovation of projects was to be treated as Revenue in nature as per section 36(l)(iii)

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  1. CENVAT Credit - Works Contract Services - Input Services - The expression “modernisation, renovation or repairs of a factory” was appearing in the definition of ‘input...

  2. CENVAT credit - input services - service utilized in relation to modernization, renovation and repair of the factory - credit allowed - AT

  3. CENVAT credit - input services - credit was availed prior to registration - Input services includes the services used in relation to settingup, modernization, renovation...

  4. Cenvat credit – input services - rule 2(l) - Landscaping of factory or garden certainly would fall within the concept of modernization, renovation, repair, etc. of the...

  5. Die tooling charges as revenue expenditure or capital expenditure - It was held to be revenue in nature since the expenditure were incurred for modernization of existing...

  6. Reversal of CENVAT Credit - input service - Modernization, Renovation and repair of the factory or not - construction of water tank and pump room - Since nature of...

  7. Deduction claimed u/s 80IA(4)(iv)(c) - expenditure required to be capitalized or not - nature of expenditure on renovation and modernization in the books of accounts -...

  8. Cenvat Credit - The inclusive part of the definition includes services related to modernisation, renovation and repair of factory. These works in my opinion would fall...

  9. Disallowance of building renovation expenses – Capital or revenue expenses - the expenses are to be treated as revenue in nature and allowable u/s 37(1) of the Act - AT

  10. CENVAT Credit - Renovation of Union room - denial of credit on renovation work undertaken in recreation room for separate union room along with interest is upheld

 

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