current repairs
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
02 February 2010
whether replacement of worn out spindles in a textile mill is a revenue expenditure
CA. Varun Goel
(Expert)
02 February 2010
Any replacement in the fixed asset is a revenue expenditure unless it increases the capacity or life of the fixed asset
In your case if the replacement does not increase the capacity or life of the fixed asset then it is a revenue expenditure
In your case if the replacement does not increase the capacity or life of the fixed asset then it is a revenue expenditure
02 February 2010
Agree. CA Varun is right.
CMA Ramesh Krishnan
(Expert)
02 February 2010
AGREE
03 February 2010
Can be claimed as revenue expenditure in view of the Karnataka High Court decision in
CIT Vs. Sagar Talkies (2008) 173 Taxman 12 (Karn).
In the cited case court concluded that expenditure on account of replacement of old worn out mono sound system with a new stereo system is revenue expenditure.
CIT Vs. Sagar Talkies (2008) 173 Taxman 12 (Karn).
In the cited case court concluded that expenditure on account of replacement of old worn out mono sound system with a new stereo system is revenue expenditure.
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