Repair and renovation of asset is allowable as revenue expenditure

Klaus Multiparking Systenms Pvt. Vs DCIT (ITAT Pune) ITAT Pune held that expenditure incurred on repairs and renovation of the asset is revenue expenditure as no new asset has been created. Facts- It is mentioned in the assessment order that during the year assessee company purchased an existing factory shed along with its land. Assessee spend Rs.53,20,820/- on repairs and renovation of the said newly purchased factory premises. The Assessing Officer(AO) called for the details and held that it is a capital expenditure relying on various case laws. The ld.CIT(A) upheld it. Aggrieved by the orde...