Hotel Renovation Expenses to maintain standards is revenue in nature: ITAT Cochin

Assessee, engaged in running a five-star hotel under “Le Meridien,” incurred expenditure of Rs7,13,89,107 for renovating the International Convention Centre (ICC) constructed in 1998-99.  ICC hosts various conventions, seminars & social functions. Due to extensive use over 12 years, the building required substantial refurbishment to maintain international standards. Assessee claimed the expenditure as revenue in nature noting that additi

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