https://www.taxtmi.com/caselaws?id=35832 Expenditure on renovation and upkeep of a cinema building was held not to qualify as current repairs because the nature and extent of the work went beyond that category. It was nonetheless deductible as revenue expenditure because the outlay was incurred wholly and exclusively for business, was aimed at maintaining the asset in working condition, and did not create a new asset or enduring capital advantage. The commercial expediency and aim-and-object test therefore favoured revenue treatment under section 10(2)(xv) of the Indian Income-tax Act, 1922. en-us Wed, 12 Sep 1979 00:00:00 +0530 Wed, 17 Mar 2010 10:49:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=35832 Expenditure on renovation and upkeep of a cinema building was held not to qualify as current repairs because the nature and extent of the work went beyond that category. It was nonetheless deductible as revenue expenditure because the outlay was incurred wholly and exclusively for business, was aimed at maintaining the asset in working condition, and did not create a new asset or enduring capital advantage. The commercial expediency and aim-and-object test therefore favoured revenue treatment under section 10(2)(xv) of the Indian Income-tax Act, 1922. Case-Laws Income Tax Wed, 12 Sep 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=35832