Current Repairs - ‘Nature & Treatment’ of expense

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..... - Though there's no specific definition as per the Income Tax Act, 1961. We generally assumed it is for the repairs of 'Building' & 'Plant & Machinery.' Section 30 & 31 of Income Tax Act, 1961 provides for the treatment of Current/Revenue repairs of Building & Plant & Machinery. However, there's always some confusion regarding 'Nature & Treatment' of expense, so beneath are some of the latest ju .....

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..... lacement of part of composite machinery which functions independently, has substantial period of life & identifiable and measurable cost then such replacement of part will be capitalized. "The DCIT, Madurai. vs M/S. Ramco Industries Limited and M/S. Ramco Industries Limited vs ACIT, Circle 1, Virudhunagar. 2020 (2) TMI 921 - ITAT Chennai." * Expense on abandoned project - For creation of "Logo o .....

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