Repair or Renovation expense on existing Make-up Rooms is revenue expense

Advertisement Maharastra Film Cultural Development Corporation Ltd. Vs JCIT (ITAT Mumbai) Hon’ble Jurisdictional High Court in the case of CIT vs. Oxford University Press (108 ITR 166) has expounded that the test for judging the nature of capital or revenue expenditure is to see whether as a result of expenditure what is being done is to preserve and maintain an already existing asset or whether as a result of expenditure a new asset or a new advantage is being brought into existence. The mere quantum of expenditure is not by itself decisive of the question whether it is in the nature of ...