High Court Clarifies: Drilling Rig Operational Costs are Revenue Expenditure; Acquisition is Capital Expenditure.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Drilling operations being the very business of the assessee, expenditure incurred to make the rig operational would be covered and should be treated as “revenue expenditure”, whereas the cost of the rig would fall and should be treated as a “capital expenditure” - HC....