Treatment of current repairs clarified: amounts paid exclude expenditure of capital nature under the amended provision. The amendment inserts a clarificatory Explanation declaring that amounts paid on account of current repairs shall not include any expenditure in the nature of capital expenditure, thereby excluding capital-type outlays from the category of current repairs for tax purposes.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Treatment of current repairs clarified: amounts paid exclude expenditure of capital nature under the amended provision.
The amendment inserts a clarificatory Explanation declaring that amounts paid on account of current repairs shall not include any expenditure in the nature of capital expenditure, thereby excluding capital-type outlays from the category of current repairs for tax purposes.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.