https://www.taxtmi.com/caselaws?id=409959 The Tribunal upheld the CIT(A)'s decision, ruling in favor of the assessee. The expenditure on new dyes was classified as revenue expenditure under Section 31(1) of the Income Tax Act, 1961, rather than capital expenditure eligible for depreciation under Section 32. The Tribunal dismissed the Revenue's appeals, emphasizing that the dyes were consumables with no enduring benefit, thus qualifying as current repairs and not capital assets. en-us Fri, 16 Jul 2021 00:00:00 +0530 Wed, 21 Jul 2021 14:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=409959 The Tribunal upheld the CIT(A)'s decision, ruling in favor of the assessee. The expenditure on new dyes was classified as revenue expenditure under Section 31(1) of the Income Tax Act, 1961, rather than capital expenditure eligible for depreciation under Section 32. The Tribunal dismissed the Revenue's appeals, emphasizing that the dyes were consumables with no enduring benefit, thus qualifying as current repairs and not capital assets. Case-Laws Income Tax Fri, 16 Jul 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=409959