Building Construction on Leasehold Not Repair u/s 30(a)(i); Classified as Capital Expenditure Per Section 32(1).

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Expenditure on construction of building in a leasehold premises - in the first Assessment Year Expenditure cannot be considered as repair u/s 30(a)(i) as the renovations made are Capital in nature - since expenditure are Capital in nature same will come within the mischief of Explanation 1 to Section 32(1) - deduction as revenue expenses not allowed....