INCOME TAX : Where assessee, a franchise of ‘Domino’s Pizza’ and ‘Dunkin Donuts’, had take on lease bare shell premises of various entities and made extensive modifications in premises, considering nature of business of assessee and modifications done in leased premises taken by assessee for purpose of business, expenditure did not create any new asset, and, thus, expenditure on renovation and repairs of stores assumed character of revenue expenditure squarely fell under section 37(1)INCOME TAX : Where assessee, a franchise of ‘Domino’s Pizza’ and ‘Dunkin Donuts’, had take on lease bare shell premises of various entities and made extensive modifications in premises, considering nature of business of assessee and modifications done in leased premises taken by assessee for purpose of business, expenditure did not create any new asset, and, thus, expenditure on renovation and repairs of stores assumed character of revenue expenditure squarely fell under section 37(1)www.taxmann.com Latest Case LawsRead More
