https://www.taxtmi.com/caselaws?id=214057 Expenditure incurred to preserve and maintain an existing factory building in a corrosive industrial environment, without creation of a new asset or expansion of capacity, was treated as current repair and revenue in nature; the disallowance was deleted. Amounts relating to crane buckets and submersible pumps required factual verification and were restored for fresh examination. Disallowances concerning delayed employees' PF/ESI contribution and interest expenditure under section 14A and section 36(1)(iii) were also sent back for de novo consideration because the factual and legal analysis was incomplete. Foreign exchange fluctuation loss arising from crystallised business liability was held to be a revenue loss, and that disallowance was sustained in favour of the assessee. en-us Fri, 17 Jun 2011 00:00:00 +0530 Mon, 18 Jun 2012 09:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=214057 Expenditure incurred to preserve and maintain an existing factory building in a corrosive industrial environment, without creation of a new asset or expansion of capacity, was treated as current repair and revenue in nature; the disallowance was deleted. Amounts relating to crane buckets and submersible pumps required factual verification and were restored for fresh examination. Disallowances concerning delayed employees' PF/ESI contribution and interest expenditure under section 14A and section 36(1)(iii) were also sent back for de novo consideration because the factual and legal analysis was incomplete. Foreign exchange fluctuation loss arising from crystallised business liability was held to be a revenue loss, and that disallowance was sustained in favour of the assessee. Case-Laws Income Tax Fri, 17 Jun 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=214057