https://www.taxtmi.com/caselaws?id=245925 The Tribunal affirmed the FAA's decision to disallow the expenditure on building repairs, deeming it capital in nature. Despite arguments that the repairs were necessary for tenant occupancy and revenue in nature, the Tribunal emphasized the enduring benefits and complete renovation aspect, leading to capitalization. The assessee was granted depreciation but had the remaining amount added to business income. The Tribunal found consistency with the previous year's decision, considering additional expenses incurred. Ultimately, the appeal was dismissed, confirming the capital nature of the expenditure and the allowance of depreciation for the leased premises. en-us Wed, 02 Apr 2014 00:00:00 +0530 Sat, 12 Apr 2014 12:31:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=245925 The Tribunal affirmed the FAA's decision to disallow the expenditure on building repairs, deeming it capital in nature. Despite arguments that the repairs were necessary for tenant occupancy and revenue in nature, the Tribunal emphasized the enduring benefits and complete renovation aspect, leading to capitalization. The assessee was granted depreciation but had the remaining amount added to business income. The Tribunal found consistency with the previous year's decision, considering additional expenses incurred. Ultimately, the appeal was dismissed, confirming the capital nature of the expenditure and the allowance of depreciation for the leased premises. Case-Laws Income Tax Wed, 02 Apr 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=245925