https://www.taxtmi.com/caselaws?id=192373 Expenditure incurred before the commencement of a business to put cinema premises into a serviceable condition was not allowable as current repairs under section 10(2)(v) or as business expenditure under section 10(2)(xv) of the Income-tax Act, 1922. Current repairs presuppose an existing business and the preservation of an already existing asset, while section 10(2)(xv) applies only to expenditure laid out for a business already in existence. Where the outlay is made before operations begin, it is directed to bringing a serviceable asset into existence and is capital in nature. Only expenditure incurred after commencement of business could be considered separately for allowance. en-us Thu, 26 Oct 1961 00:00:00 +0530 Sat, 27 May 2017 12:47:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=192373 Expenditure incurred before the commencement of a business to put cinema premises into a serviceable condition was not allowable as current repairs under section 10(2)(v) or as business expenditure under section 10(2)(xv) of the Income-tax Act, 1922. Current repairs presuppose an existing business and the preservation of an already existing asset, while section 10(2)(xv) applies only to expenditure laid out for a business already in existence. Where the outlay is made before operations begin, it is directed to bringing a serviceable asset into existence and is capital in nature. Only expenditure incurred after commencement of business could be considered separately for allowance. Case-Laws Income Tax Thu, 26 Oct 1961 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=192373