https://www.taxtmi.com/caselaws?id=326561 The High Court upheld the Tribunal's decision, determining that the expenses on the Life Extension Program (LEP) of Thermal Power Station (TPS-1) and rejuvenation of Bucket Wheel Excavators (BWE) should be treated as revenue expenditure. The Court agreed that the expenditure aimed at preserving existing assets and did not create new ones. Additionally, it concluded that the Thermal Power Station should be considered a composite asset rather than individual machines. The Revenue's appeals were dismissed, and the Court ruled against the Revenue on the legal questions raised. en-us Tue, 12 Apr 2016 00:00:00 +0530 Fri, 18 Nov 2016 14:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=326561 The High Court upheld the Tribunal's decision, determining that the expenses on the Life Extension Program (LEP) of Thermal Power Station (TPS-1) and rejuvenation of Bucket Wheel Excavators (BWE) should be treated as revenue expenditure. The Court agreed that the expenditure aimed at preserving existing assets and did not create new ones. Additionally, it concluded that the Thermal Power Station should be considered a composite asset rather than individual machines. The Revenue's appeals were dismissed, and the Court ruled against the Revenue on the legal questions raised. Case-Laws Income Tax Tue, 12 Apr 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=326561