Capital expenditure vs. Current repairs/ Revenue expenditure

The Income-tax Act 1961 (the Act) is more comprehensive than the 1922 Act in the sense that some of the sections in the 1922 Act have been split up into more than one section in the 1961 Act (the Act) and a case decided under the 1922 Act under a particular section may have covered more components in that section whereas some of the components from the 1922 Act may have been shifted to other section in the 1961 Act and for one section in the 1922 Act there would be 2 sections in the 1961 Act.The Income-tax Act 1961 (the Act) is more comprehensive than the 1922 Act in the sense that some of the sections in the 1922 Act have been split up into more than one section in the 1961 Act (the Act) and a case decided under the 1922 Act under a particular section may have covered more components in that section whereas some of the components from the 1922 Act may have been shifted to other section in the 1961 Act and for one section in the 1922 Act there would be 2 sections in the 1961 Act.taxmann.com Latest ArticlesRead More

Leave a Reply