https://www.taxtmi.com/caselaws?id=422279 The Tribunal allowed the assessee's appeal, directing the expenditure of Rs. 28,66,569/- incurred due to fire loss to be treated as revenue expenditure. The Tribunal emphasized that as the assessee was a lessee, the expenses were to restore the old asset and not create a new one, thus classifying them as revenue in nature. The decision overturned the previous rulings of the Assessing Officer and the Commissioner of Income Tax, affirming the assessee's position based on the lease agreement and supporting evidence provided. en-us Tue, 19 Apr 2022 00:00:00 +0530 Thu, 12 May 2022 17:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=422279 The Tribunal allowed the assessee's appeal, directing the expenditure of Rs. 28,66,569/- incurred due to fire loss to be treated as revenue expenditure. The Tribunal emphasized that as the assessee was a lessee, the expenses were to restore the old asset and not create a new one, thus classifying them as revenue in nature. The decision overturned the previous rulings of the Assessing Officer and the Commissioner of Income Tax, affirming the assessee's position based on the lease agreement and supporting evidence provided. Case-Laws Income Tax Tue, 19 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=422279