Nature of expenditure incurred on building taken on lease - ...

Repairs on leased building not capitalized; expenses debited to Profit & Loss Account upheld. CIT(A) decision overturned.

February 13, 2021

Case Laws Income Tax AT

Nature of expenditure incurred on building taken on lease - expenses of Repairs & Maintenance debited to Profit & Loss Account - it is quite clear that the assessee is not the owner of the building he is only lease-holder, hence, expenses are not liable to be capitalized - claim of the assessee has been accepted in the previous and subsequent year also, therefore, in the said circumstances, the finding of the CIT(A) is not justifiable, hence is liable to be set aside - AT

View Source

← Previous Next →

Nature of expenditure incurred on building taken on lease - ...

Repairs on leased building not capitalized; expenses debited to Profit & Loss Account upheld. CIT(A) decision overturned.

February 13, 2021

Case Laws Income Tax AT

You may also like:

Addition u/s 43B - Method of accounting - unpaid statutory dues of service tax, Excise and PF by changing the method of accounting - The assessee followed the exclusive...

MAT - AO had committed an error in redrawing the profit and loss account by making changes by adding depreciation debited to profit and loss account by the assessee,...

MAT computation - Disallowances on account of loss on revaluation of fixed assets - The expression 'income defined under Section 2(24) of the Act does not include such...

Denial of claim u/s 80IA - quantum of deductions - How and why the assessee has not debited any administrative expenses even no any salary expenditures have been shown...

MAT computation - deduction of lease equalization charges while computing book profit - we cannot find fault with the assessee debiting lease equalization charges in the...

Treatment to Forex loss incurred by the assessee on account of derivative transactions as speculative transactions - When the assessee enters into a hedging transaction...

Addition under the head of Vehicle Running Expenses and Repairs & Maintenance - "exaggerated expense' or "not reasonable expense". - The onus is on the Revenue to...

MAT - Book profit -- the amount which was never routed through the profit & loss account and never debited to the profit & loss account could not be considered for the...

Disallowance of proportionate cost of land out of solid waste tank expense – cost of land debited by the Assessee in Profit and Loss account is not allowable as revenue...

Refund claim - Principles of unjust enrichment - only by way of bit in profit and loss account, it does not amount to passing of the burden to a third person or the...

Addition u/s 40A(3) being 20% of the amount paid - assessee was acquiring the land from the various farmers by paying cash to them and debiting it to the capital work in...

MTM losses in respect of forward foreign exchange contract debited to the profit and loss account are allowable - AT

Once the expenditure is found to be allowable as revenue expenditure as per provisions of the Income Tax Act,1961, the same are to be allowed as revenue expenditure...

MAT computation u/s 115JB - In this case, the assessee had incurred business loss / depreciation losses as per books in the AYs 1999-00 & 2000-01 & AYs 2011-12 & 2012-13...

Revisions u/s 263 by CIT - Whether the assessee has claimed VAT input on the deemed import as an expense in the profit and loss account? - This fact, to our...

Quick Updates: