https://www.taxtmi.com/caselaws?id=345705 The Court upheld the Tribunal's decision, ruling that the expenses incurred by the Assessee on leased premises were revenue in nature, not capital. The Court emphasized that Explanation 1 to Section 32(1) of the Income Tax Act, 1961 creates a deeming fiction for depreciation benefits but cannot be read separately from the provision. The expenses, including building maintenance charges and labor costs, were deemed indicative of revenue nature. The appeal was dismissed without costs, as the Court found no substantial question of law for further consideration. en-us Mon, 17 Jul 2017 00:00:00 +0530 Tue, 25 Jul 2017 07:56:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=345705 The Court upheld the Tribunal's decision, ruling that the expenses incurred by the Assessee on leased premises were revenue in nature, not capital. The Court emphasized that Explanation 1 to Section 32(1) of the Income Tax Act, 1961 creates a deeming fiction for depreciation benefits but cannot be read separately from the provision. The expenses, including building maintenance charges and labor costs, were deemed indicative of revenue nature. The appeal was dismissed without costs, as the Court found no substantial question of law for further consideration. Case-Laws Income Tax Mon, 17 Jul 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=345705