https://www.taxtmi.com/caselaws?id=7210 Depreciation was allowable on the original cost of assets under binding Supreme Court authority. Expenditure on replacing a motor vehicle body was deductible as revenue expenditure where it renovated an existing vehicle by fitting a new body on its old chassis, rather than creating a new asset. Current repairs cover expenditure incurred to preserve and maintain an existing asset, including substantial replacement of defective parts, provided it does not substitute the entirety of the subject matter or secure a fresh advantage. The deductions for depreciation and current repairs were upheld in favour of the assessee. en-us Wed, 13 Dec 1967 00:00:00 +0530 Thu, 12 Feb 2009 16:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7210 Depreciation was allowable on the original cost of assets under binding Supreme Court authority. Expenditure on replacing a motor vehicle body was deductible as revenue expenditure where it renovated an existing vehicle by fitting a new body on its old chassis, rather than creating a new asset. Current repairs cover expenditure incurred to preserve and maintain an existing asset, including substantial replacement of defective parts, provided it does not substitute the entirety of the subject matter or secure a fresh advantage. The deductions for depreciation and current repairs were upheld in favour of the assessee. Case-Laws Income Tax Wed, 13 Dec 1967 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7210