Nature of expenditure - expenses of loss on account of fire - ...

Expenses from Fire Damage Ruled as Revenue, Not Capital; Restored Existing Assets Without Creating New Ones.

May 12, 2022

Case Laws Income Tax AT

Nature of expenditure - expenses of loss on account of fire - revenue or capital expenditure - The assessee incurred the expenses to bring the building in the same form and no new asset came into existence rather the old building and electrical fitting were brought into workable condition, therefore, the expenses incurred by the assessee were revenue in nature and not capital in nature. - AT

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Nature of expenditure - expenses of loss on account of fire - ...

Expenses from Fire Damage Ruled as Revenue, Not Capital; Restored Existing Assets Without Creating New Ones.

May 12, 2022

Case Laws Income Tax AT

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