31. Repairs and insurance of machinery, plant and furniture.
- In respect of repairs and insurance of machinery, plant or furniture used for the purposes of the business or profession, the following deductions shall be allowed-(i)the amount paid on account of current repairs thereto;(ii)the amount of any premium paid in respect of insurance against risk of damage or destruction thereof.[Explanation. - For the removal of doubts, it is hereby declared that the amount paid on account of current repairs shall not include any expenditure in the nature of capital expenditure.] [ Inserted by Act 32 of 2003, Section 15 (w.e.f. 1.4.2004).]
