https://www.taxtmi.com/caselaws?id=69066 Expenditure on rented premises incurred under a lease covenant for renewal, reconstruction and repairs was treated as capital in nature where the tenant was required to construct a new building, repair the existing structure and restore both to the landlord on lease expiry. The outlay was not limited to ordinary upkeep; it produced a new structure and a lasting business advantage during the lease term. The fact that ownership would not remain with the assessee after the lease period did not change the character of the expenditure, and authorities on ordinary repairs were found inapplicable. The amount was therefore not allowable as revenue expenditure or current repairs. en-us Wed, 04 Aug 1993 00:00:00 +0530 Tue, 05 Apr 2011 09:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69066 Expenditure on rented premises incurred under a lease covenant for renewal, reconstruction and repairs was treated as capital in nature where the tenant was required to construct a new building, repair the existing structure and restore both to the landlord on lease expiry. The outlay was not limited to ordinary upkeep; it produced a new structure and a lasting business advantage during the lease term. The fact that ownership would not remain with the assessee after the lease period did not change the character of the expenditure, and authorities on ordinary repairs were found inapplicable. The amount was therefore not allowable as revenue expenditure or current repairs. Case-Laws Income Tax Wed, 04 Aug 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69066