2008 (5) TMI 379

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..... s case Rajasthan High Court-held that the Tribunal appears to be correct in concluding that the said amount ought to be treated as an expenditure and not as income, the appeal therefore is dismissed. Decision in favor of assessee – against the revenue - 11 of 1999 - - - Dated:- 9-5-2008 - MRS. GYAN SUDHA MISRA and CHATRA RAM JJ. Anuroop Singhi for the appellant. Vaibhav Kasliwal for the .....

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..... on September 12, 2000 and the Division Bench was pleased to hold that the expenses incurred on the renovation and maintenance ought not to be treated as income on the plea of acquisition of asset but has to be treated as expenditure and hence would not incur the liability of tax. 2. Learned counsel for the appellant could not controvert the fact that the income of Rs. 4,26,000 was spent on re .....

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