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of <h1>Tax rule allows deductions for current repairs and insurance premiums for business machinery, but excludes capital expenditures</h1> Deductions are allowed for amounts paid for current repairs and for insurance premiums relating to machinery, plant or furniture used in a business or profession. The provision permits deduction of expenditure on routine repairs and on premiums for insurance against damage or destruction of such assets, but expressly excludes from 'current repairs' any expenditure that is capital in nature.
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