https://www.taxtmi.com/caselaws?id=75609 The High Court dismissed the appeal in Income-tax Appeal No. 11 of 1999, upholding the Tribunal's decision that expenditure on renovation and maintenance of a building should be treated as expenditure, not income for tax purposes. The Court relied on a previous decision and established that such expenses do not result in the acquisition of a new asset, thus exempt from tax liability. The appellant's argument that the amount spent on room renovation should be considered as asset acquisition was rejected, affirming that it falls under expenditure and not income. en-us Fri, 09 May 2008 00:00:00 +0530 Fri, 01 Feb 2013 12:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=75609 The High Court dismissed the appeal in Income-tax Appeal No. 11 of 1999, upholding the Tribunal's decision that expenditure on renovation and maintenance of a building should be treated as expenditure, not income for tax purposes. The Court relied on a previous decision and established that such expenses do not result in the acquisition of a new asset, thus exempt from tax liability. The appellant's argument that the amount spent on room renovation should be considered as asset acquisition was rejected, affirming that it falls under expenditure and not income. Case-Laws Income Tax Fri, 09 May 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=75609