https://www.taxtmi.com/caselaws?id=28096 The High Court held that the expenditure on repairs and renovations by a registered firm, a tenant of a cinema theatre, was allowable as revenue expenditure under the Income Tax Act, 1961. The Court determined that the expenditure was necessary for running the business efficiently and profitably, not for acquiring an enduring asset. It rejected the Revenue's argument that the expenditure should be considered capital expenditure, emphasizing that not all expenditure by lessees falls under that category. The Court ruled in favor of the assessee, affirming the Tribunal's decision as not erroneous or contrary to law. en-us Wed, 14 Mar 1984 00:00:00 +0530 Fri, 19 Feb 2010 10:39:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28096 The High Court held that the expenditure on repairs and renovations by a registered firm, a tenant of a cinema theatre, was allowable as revenue expenditure under the Income Tax Act, 1961. The Court determined that the expenditure was necessary for running the business efficiently and profitably, not for acquiring an enduring asset. It rejected the Revenue's argument that the expenditure should be considered capital expenditure, emphasizing that not all expenditure by lessees falls under that category. The Court ruled in favor of the assessee, affirming the Tribunal's decision as not erroneous or contrary to law. Case-Laws Income Tax Wed, 14 Mar 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28096