https://www.taxtmi.com/caselaws?id=429293 Rule 7A(2) permits an allowance for the cost of replacing dead or permanently useless rubber plants in an already planted, unabandoned area only where the statutory conditions are strictly met, and that allowance is available for genuine replacement planting. Expenditure on upkeep and maintenance of immature replanted rubber plants until maturity is deductible as revenue expenditure under the residuary business deduction rule, because it is incurred wholly and exclusively for the business, falls outside the specific disallowance provisions, and does not create a new capital asset. The governing principle is that deductions under taxing provisions must be confined to the exact statutory language. en-us Mon, 01 Aug 2022 00:00:00 +0530 Thu, 23 Feb 2023 11:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=429293 Rule 7A(2) permits an allowance for the cost of replacing dead or permanently useless rubber plants in an already planted, unabandoned area only where the statutory conditions are strictly met, and that allowance is available for genuine replacement planting. Expenditure on upkeep and maintenance of immature replanted rubber plants until maturity is deductible as revenue expenditure under the residuary business deduction rule, because it is incurred wholly and exclusively for the business, falls outside the specific disallowance provisions, and does not create a new capital asset. The governing principle is that deductions under taxing provisions must be confined to the exact statutory language. Case-Laws Income Tax Mon, 01 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=429293