Expenditure on maintaining an existing asset, without creating new benefits, qualifies as allowable current repairs for taxes. https://www.taxtmi.com/highlights?id=5896 When an expenditure was incurred to preserve and maintain already existing asset and such expenditure is not bringing any new asset into existence or obtaining new advantage such expenditure is allowable as current repairs. - AT en-us Fri, 26 Oct 2012 09:52:58 +0530 Fri, 26 Oct 2012 09:52:58 +0530 TaxTMI RSS Generator Expenditure on maintaining an existing asset, without creating new benefits, qualifies as allowable current repairs for taxes. https://www.taxtmi.com/highlights?id=5896 When an expenditure was incurred to preserve and maintain already existing asset and such expenditure is not bringing any new asset into existence or obtaining new advantage such expenditure is allowable as current repairs. - AT Highlights Income Tax Fri, 26 Oct 2012 09:52:58 +0530 https://www.taxtmi.com/highlights?id=5896