To be capitalized or not
This query is : Resolved
28 June 2013
Hello Everyone,
Plant purchased Rs.100 lakh 10 years ago.Now to Renovate it Rs.80 lakh spend as major parts replaced.can it be claimed as revenue expenditure or capitalized & as per which section,subsection or explanation?Plus 3 years Quick heal antivirus purchased it's treatment in income tax?(All in business & put to use)?Please with section reference.
Thanks
Plant purchased Rs.100 lakh 10 years ago.Now to Renovate it Rs.80 lakh spend as major parts replaced.can it be claimed as revenue expenditure or capitalized & as per which section,subsection or explanation?Plus 3 years Quick heal antivirus purchased it's treatment in income tax?(All in business & put to use)?Please with section reference.
Thanks
28 June 2013
i) Plant modernization - Revenue expenditure.
Citation :-CIT Vs. Sree Bhagavathi Textiles Ltd (1994) 207 ITR 826(Ker).
ii) Software purchases - Revenue expenditure.
Citation:- CIT Vs. Asahi India Safety Glass Ltd (2011) 203 Taxman 277(Del).
Citation :-CIT Vs. Sree Bhagavathi Textiles Ltd (1994) 207 ITR 826(Ker).
ii) Software purchases - Revenue expenditure.
Citation:- CIT Vs. Asahi India Safety Glass Ltd (2011) 203 Taxman 277(Del).
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