https://www.taxtmi.com/caselaws?id=178550 For apportionment under the second proviso to section 24(1), the loss to be divided among partners was the gross loss before any set-off against exempt income; exempt sums under section 16(1) are relevant only to computing total income and cannot reduce the loss available for apportionment. The replacement of a cylinder in a sizing machine and renovation of the wooden flooring of the spinning department were held to be current repairs, because the work preserved existing assets, created no new asset, and did not amount to reconstruction. The expenditure was therefore revenue expenditure and not capital expenditure, in favour of the assessee. en-us Wed, 31 Oct 1956 00:00:00 +0530 Mon, 08 Feb 2016 15:51:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=178550 For apportionment under the second proviso to section 24(1), the loss to be divided among partners was the gross loss before any set-off against exempt income; exempt sums under section 16(1) are relevant only to computing total income and cannot reduce the loss available for apportionment. The replacement of a cylinder in a sizing machine and renovation of the wooden flooring of the spinning department were held to be current repairs, because the work preserved existing assets, created no new asset, and did not amount to reconstruction. The expenditure was therefore revenue expenditure and not capital expenditure, in favour of the assessee. Case-Laws Income Tax Wed, 31 Oct 1956 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=178550