Day: December 24, 2017

Construction-improvement on leased building-Revenue or capital expenditure. Enduring benefit not conclusive test-High Court

Expenditure on Construction and improvement on leased building-Revenue or capital. Enduring benefit cannot be a conclusive test and it cannot be mechanically applied-High Court Prelude: Section 29 of the Income tax Act, 1961 (the Act) provides that the profits and gains of business or profession shall be computed …