https://www.taxtmi.com/caselaws?id=365389 The High Court upheld the Income Tax Appellate Tribunal's decision to classify repair and maintenance expenditure as revenue expenditure rather than capital expenditure for different Assessment Years. The court agreed that the expenses were necessary due to immediate repairs caused by continuous contact with sea water, justifying their treatment as revenue expenditure. Additionally, the court dismissed the Revenue's appeal regarding the addition of income from minimum guaranteed quantities by users of the storage facility, citing a previous decision by the Supreme Court in favor of the assessee. en-us Mon, 30 Jul 2018 00:00:00 +0530 Thu, 16 Aug 2018 08:01:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=365389 The High Court upheld the Income Tax Appellate Tribunal's decision to classify repair and maintenance expenditure as revenue expenditure rather than capital expenditure for different Assessment Years. The court agreed that the expenses were necessary due to immediate repairs caused by continuous contact with sea water, justifying their treatment as revenue expenditure. Additionally, the court dismissed the Revenue's appeal regarding the addition of income from minimum guaranteed quantities by users of the storage facility, citing a previous decision by the Supreme Court in favor of the assessee. Case-Laws Income Tax Mon, 30 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=365389