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Income Tax - Highlights / Catch Notes

Home Highlights September 2012 Year 2012 This

Disallowance expenditure towards replacement of machinery - ...

Income Tax

September 7, 2012

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

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

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

  6. The machinery given to doctors for demonstration purposes is also a part of promoting sale of the said machinery - held as revenue expenditure and not capital asset - HC

  7. Capital expenditure vs Revenue expenditure - any expenditure on replacement or repairs to plant and machinery which does not bring into existence any enduring or...

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  10. Whether unmachined steel castings and rough HRCS castings used for replacement of damaged parts of the cement plant and machinery are eligible for Cenvat credit - held yes - AT

 

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