Repairs, Rent & Insurance of Furniture and Plant & Machinery - (New) Section 28(1) / (Old) Section 31

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....an be claimed as deductions when assets are used for business/profession. [ Section 28(1) ] Clause (a) - Insurance premium paid for risk of damage or destruction of: • premises • machinery • plant • furniture Clause (f) - Repairs to machinery, plant, furniture • Deduction allowed for: • Current repai....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....same. Other Relevant Information -  • Expenditure on replacement of dies & moulds expenditure - Worn out parts replacement expenses are allowed as current expenditure under section 31. "CIT, Chennai. Versus M/S. TVS Motors Limited 2019 (3) TMI 499 - Madras High Court" • Expenditure on replacement of part of composite machinery - In case of replacement of par....