Repair and Maintenance Expenses are Revenue in Nature: ITAT Allows Deduction u/s 37(1) [Read Order]

Repair - Maintenance-Expenses - Revenue - Nature-ITAT - Deduction -taxscan

The Kolkata Bench of the Income Tax Appellate Tribunal (ITAT) has allowed the deduction of repair and maintenance expenses as revenue expenditure under Section 37(1) of the Income Tax Act, 1961. The ITAT held that the expenses were incurred for the purpose of earning income and therefore, they are eligible for deduction. The assessee, an…

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