Home Highlights July 2014 Year 2014 This

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1. Revenue or Capital expenditure – replacement/ overhauling/ rejuvenation - to preserve and maintain already existing asset - allowed as current repairs - AT

2. Nature of expenditure - current repairs - replacement of decayed parts - The assessee explains that the replacement was necessary for the manufacturing process, and...

3. Allowability of interest expenditure u/s 36(1)(iii) - prior to its amendment by Finance Act, 2015 - prohibition of claim of interest on revenue account only where...

4. Current repairs u/s 31- repair / replacement of damaged transformer - Held that:- it was case of restoration of its existing capabilities and not a case of acquisition...

5. Expenditure incurred for modernisation / replacement of machinery is not "current repairs" u/s 31(i) - SC

6. TP Adjustment - Purchase of fixed assets - TPO added the entire amount of fixed assets purchased by the assessee from its AE’s during the year - the fixed assets...

7. Nature of expenditure - current repairs - Replacement of an old machine with a new one would constitute the bringing into existence of a new asset in place of the old...

8. Nature of expenses - repairs and maintenance expenses - revenue or capital expenditure - It is a fact that there was an existing factory shed. The assessee has merely...

9. Expenses incurred on up-gradation of software do not result into acquisition of any asset nor acquisition of enduring benefits as software become obsolete very quickly -...

10. Defining the cost of acquisition in case of certain assets for computing capital gains - 'Cost of acquisition’ and ‘cost of improvement’ of certain assets like...

11. Computing the capital gain on sale of assets - WDV of depreciable assets - Exemption u/s 11 - the assessee has partly claimed the depreciation on this asset and when the...

12. Capital asset or Business asset - assessee had purchased the land for the purpose of constructing flats on it - Various reasons given by CIT(A) to treat the land as...

13. The firm is succeeded by the company, therefore, the cost of acquisition of the company would be as that of acquisition of the firm. The valuation of land and assets of...

14. Current Repairs - ‘Nature & Treatment’ of expense

15. Exemption u/s 11 - proviso to section 2(15) is invoked - by incurring such expenditure by way of grants to the district cricket association, the assessee society is...