https://www.taxtmi.com/caselaws?id=267680 Expenditure on waterproofing and building repairs was treated as current repairs because it preserved and maintained the existing asset, created no new asset, and did not confer an enduring advantage; the disallowance was deleted and the amount was allowed as revenue expenditure. Depreciation on land used for installation of wind energy generators was disallowed because no material showed actual depreciation or deterioration of the land from such use, and land ordinarily does not depreciate in value on that basis; the disallowance was upheld. The appeal therefore succeeded only on the repair expenditure and failed on the depreciation claim. en-us Tue, 13 Oct 2015 00:00:00 +0530 Mon, 08 Aug 2022 10:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=267680 Expenditure on waterproofing and building repairs was treated as current repairs because it preserved and maintained the existing asset, created no new asset, and did not confer an enduring advantage; the disallowance was deleted and the amount was allowed as revenue expenditure. Depreciation on land used for installation of wind energy generators was disallowed because no material showed actual depreciation or deterioration of the land from such use, and land ordinarily does not depreciate in value on that basis; the disallowance was upheld. The appeal therefore succeeded only on the repair expenditure and failed on the depreciation claim. Case-Laws Income Tax Tue, 13 Oct 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=267680