https://www.taxtmi.com/caselaws?id=271383 Expenditure incurred to preserve or maintain an existing business asset, without creating a new asset or enduring advantage, is revenue in nature, and the repairs of Studio No. 3 and resurfacing of existing roads were therefore treated as deductible revenue expenditure with the disallowances deleted. By contrast, interest expenditure on borrowings from MMRDA was not finally decided under section 43B because the record was incomplete on whether MMRDA fell within the statutory classes covered by that provision, so the matter was restored for fresh examination. The commentary thus distinguishes repair and maintenance outlays from capital expenditure and emphasises that section 43B applies only to specified covered entities. en-us Wed, 06 Jan 2016 00:00:00 +0530 Wed, 03 Feb 2016 06:52:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=271383 Expenditure incurred to preserve or maintain an existing business asset, without creating a new asset or enduring advantage, is revenue in nature, and the repairs of Studio No. 3 and resurfacing of existing roads were therefore treated as deductible revenue expenditure with the disallowances deleted. By contrast, interest expenditure on borrowings from MMRDA was not finally decided under section 43B because the record was incomplete on whether MMRDA fell within the statutory classes covered by that provision, so the matter was restored for fresh examination. The commentary thus distinguishes repair and maintenance outlays from capital expenditure and emphasises that section 43B applies only to specified covered entities. Case-Laws Income Tax Wed, 06 Jan 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=271383