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Direct Taxation (India)

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EXP. INCURRED ON RENOVATION OF LEASED PREMISE TO BE TREATED AS CAPITAL EXPENDITURE
19 April, 2016   COLORS OF INDIA NEWS AND MEDIA SERVICES






The ITAT Mumbai Bench 'SMC' in, Alpha Plus Technologies (P.) Ltd. v. Income-tax Officer, 8(1)(1), Mumbai, held that, where assessee acquired leased premises in a semi-finished state which could not be used for its purposes
The ITAT Mumbai Bench 'SMC' in, Alpha Plus Technologies (P.) Ltd. v. Income-tax Officer, 8(1)(1), Mumbai, held that, where assessee acquired leased premises in a semi-finished state which could not be used for its purposes, i.e., development of software, expenditure incurred by assessee for first time for installing work stations, electric cables, proper flooring, furniture and fixture, computers, etc. in said premises to achieve its functional utility would be regarded as part of set-up cost and as capital expenditure.

{SOURCE: TAXMANN}

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