Monday, 20 May 2013

Exp. on replacement of machinery part isn't a revenue exp. if it brings an advantage of an enduring

IT: Where assessee was engaged in business of printing and it incurred a sum of Rs. 173.44 lakhs for repairs, renovation, restoration and replacement of major parts of a particular machine and replacement resulted in a new or fresh advantage, said expenditure was neither allowable under section 31(1) nor under section 37(1)


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