Law:

Section:

Section 37(1) of the Income-tax Act, 1961 - Business expenditure - Allowability of - Assessee incurred expenditure of Rs. 12.07 lakhs to replace old and worn out parts of machinery - Finding of appellate authority was that without replacing all those parts, production would have been adversely affected and such replacement was in fact essential - Whether fact that value of parts replaced was on high side would, on that account alone, make it capital expenditure - Held, no - Whether Tribunal was right, in law, in allowing deduction of amount claimed as revenue expenditure - Held, yes J. Nareshkumar for the Applicant. R. Meenakshi for the Respondent. JUDGMENT R. Jayasimha Babu, J. - The…

Deprecated: trim(): Passing null to parameter #1 ($string) of type string is deprecated in /home/digixyei/sldsystempk.com/view/master-layout/view_case.php on line 492