https://www.taxtmi.com/caselaws?id=27650 Expenditure on repairs was treated as revenue expenditure where the outlay related to damaged structures and utilities, merely facilitated business operations, and did not create or improve fixed capital. The note applies the settled distinction between capital and revenue outgoings by asking whether the payment brings into existence an asset or advantage in the capital field, or only assists the efficient conduct of the existing business; enduring benefit alone is not decisive. On that basis, know-how acquired for an existing line of business was also characterised as revenue expenditure because it supported the same manufacturing activity rather than creating a new capital asset. en-us Wed, 27 Jun 1984 00:00:00 +0530 Mon, 15 Feb 2010 12:02:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27650 Expenditure on repairs was treated as revenue expenditure where the outlay related to damaged structures and utilities, merely facilitated business operations, and did not create or improve fixed capital. The note applies the settled distinction between capital and revenue outgoings by asking whether the payment brings into existence an asset or advantage in the capital field, or only assists the efficient conduct of the existing business; enduring benefit alone is not decisive. On that basis, know-how acquired for an existing line of business was also characterised as revenue expenditure because it supported the same manufacturing activity rather than creating a new capital asset. Case-Laws Income Tax Wed, 27 Jun 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27650