https://www.taxtmi.com/caselaws?id=183749 The High Court held that the expenditure of Rs. 30,000 on boat No. 95 constituted 'current repairs' under section 10(2)(v) of the Income-tax Act. The repairs aimed to restore the boat to its original condition without creating a new asset or enhancing its capacity. Despite the significant amount spent, the court emphasized that the nature of the expenditure, not just the cost, determined its classification. Therefore, the entire Rs. 30,000 was allowed as a deductible expense, ruling in favor of the assessee and awarding costs with counsel's fee set at Rs. 250. en-us Wed, 19 Sep 1962 00:00:00 +0530 Mon, 20 Jun 2016 16:49:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=183749 The High Court held that the expenditure of Rs. 30,000 on boat No. 95 constituted 'current repairs' under section 10(2)(v) of the Income-tax Act. The repairs aimed to restore the boat to its original condition without creating a new asset or enhancing its capacity. Despite the significant amount spent, the court emphasized that the nature of the expenditure, not just the cost, determined its classification. Therefore, the entire Rs. 30,000 was allowed as a deductible expense, ruling in favor of the assessee and awarding costs with counsel's fee set at Rs. 250. Case-Laws Income Tax Wed, 19 Sep 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=183749