06 June 2011
This is a revenue expenditure as per general principles of accountancy and AS and sec 37 of I.T ACT as it only restore the benefits not enhance the previously assessed performance... Sumat Singhal
06 June 2011
I think this case is related to account and no role of section 37 for checking revenue and expenditure for accounting purpose.....however after destroying the structure for as on date of loss is there any entry passed or not for Loss of factory shed however loss entry should be passed on that date and also for making new shed it will be part of FAR and shall be capitalized
CAclubindia
