https://www.taxtmi.com/caselaws?id=200678 Repair and maintenance expenditure on spare parts for existing heavy machinery used in a hiring business was treated as revenue expenditure because it only preserved the operational condition of the asset and did not create a new asset. Enhanced depreciation at 30% was also allowed on transit mixers, concrete pumps, JCB loaders and mobile cranes used in the business of running equipment on hire, as such vehicles were regarded as falling within the hire-use depreciation category. The Revenue's challenge failed on both counts, and the appellate order was sustained. en-us Wed, 11 Jul 2012 00:00:00 +0530 Thu, 12 Apr 2018 14:24:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=200678 Repair and maintenance expenditure on spare parts for existing heavy machinery used in a hiring business was treated as revenue expenditure because it only preserved the operational condition of the asset and did not create a new asset. Enhanced depreciation at 30% was also allowed on transit mixers, concrete pumps, JCB loaders and mobile cranes used in the business of running equipment on hire, as such vehicles were regarded as falling within the hire-use depreciation category. The Revenue's challenge failed on both counts, and the appellate order was sustained. Case-Laws Income Tax Wed, 11 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=200678