law: The Income-Tax Act, 1961
  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.
  3[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.]
  3. Ins. by s. 15, ibid. (w.e.f. 1-4-2004).