https://www.taxtmi.com/caselaws?id=180991 The ITAT upheld the CIT(A)'s decision in the case. The expenditure on repairs was considered revenue in nature, not capital, as it was part of the continuous manufacturing process and did not enhance production capacity. Additionally, the disallowance of interest under Section 40A(2) of the Income Tax Act was overturned, as the interest rates paid by the assessee on loans from relatives and outsiders were deemed reasonable. The Revenue's appeal was dismissed, and the judgment was delivered on 17.12.2009. en-us Thu, 17 Dec 2009 00:00:00 +0530 Tue, 05 Apr 2016 16:26:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=180991 The ITAT upheld the CIT(A)'s decision in the case. The expenditure on repairs was considered revenue in nature, not capital, as it was part of the continuous manufacturing process and did not enhance production capacity. Additionally, the disallowance of interest under Section 40A(2) of the Income Tax Act was overturned, as the interest rates paid by the assessee on loans from relatives and outsiders were deemed reasonable. The Revenue's appeal was dismissed, and the judgment was delivered on 17.12.2009. Case-Laws Income Tax Thu, 17 Dec 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=180991