Expenses for Replacing Decayed Parts in Manufacturing Qualify as Current Repairs u/s 31 of Income Tax Act.

Expenses for Replacing Decayed Parts in Manufacturing Qualify as Current Repairs u/s 31 of Income Tax Act. https://www.taxtmi.com/highlights?id=70316 Nature of expenditure - current repairs - replacement of decayed parts - The assessee explains that the replacement was necessary for the manufacturing process, and there is no evidence to suggest that it resulted in a new asset or advantage to the assessee. Therefore, the expenses should be considered as current repairs and allowed u/s 31 - AT en-us Tue, 13 Jun 2023 14:45:39 +0530 Tue, 13 Jun 2023 18:31:59 +0530 TaxTMI RSS Generator Expenses for Replacing Decayed Parts in Manufacturing Qualify as Current Repairs u/s 31 of Income Tax Act. https://www.taxtmi.com/highlights?id=70316 Nature of expenditure - current repairs - replacement of decayed parts - The assessee explains that the replacement was necessary for the manufacturing process, and there is no evidence to suggest that it resulted in a new asset or advantage to the assessee. Therefore, the expenses should be considered as current repairs and allowed u/s 31 - AT Highlights Income Tax Tue, 13 Jun 2023 14:45:39 +0530 https://www.taxtmi.com/highlights?id=70316