Delhi High Court Allows Deduction To Hyatt Regency Towards Repair, Renovation, Refurbishment, Consultancy Expenses As Revenue Expenditure
1 year, 5 months ago

Delhi High Court Allows Deduction To Hyatt Regency Towards Repair, Renovation, Refurbishment, Consultancy Expenses As Revenue Expenditure

Live Law  

The Delhi High Court has allowed the income tax deduction to Hyatt Regency towards repair, renovation, refurbishment, and consultancy expenses as revenue expenditure.The bench of Justice Rajiv Shakdher and Justice Tara Vitasta Ganju has observed that ITAT rightly mentioned that if the owner of a building that is used for business incurs expenditure in the nature of current repairs and. The Delhi High Court has allowed the income tax deduction to Hyatt Regency towards repair, renovation, refurbishment, and consultancy expenses as revenue expenditure. The bench of Justice Rajiv Shakdher and Justice Tara Vitasta Ganju has observed that ITAT rightly mentioned that if the owner of a building that is used for business incurs expenditure in the nature of current repairs and the assessee is not able to claim expenses for current repairs under Section 30, it could still claim deduction under Section 37. The amounts capitalized previously that were claimed for the first time before the Tribunal as revenue expenditure The Tribunal disallowed the relief granted by the CIT pertaining to the deletion of disallowance ordered by the AO concerning expenditure made towards “repair and maintenance”.

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History of this topic

High Court Rules on Goodwill as Expenditure, Allows Depreciation on Acquisition
5 months ago

High Court Rules on Goodwill as Expenditure, Allows Depreciation on Acquisition

Live Law  

The Delhi High Court has ruled that goodwill is not 'income' but rather 'expenditure' for acquisition of assets and therefore, an assessee is entitled to charge depreciation on the amount spent towards it. The court cited Commissioner of Income Tax, Kolkata v. Smifs Securities Ltd. (2012) to support its decision.

Tax Cases Weekly Round-Up: 6 November to 12 November 2022
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Tax Cases Weekly Round-Up: 6 November to 12 November 2022

Live Law  

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