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1998 (2) TMI 84 - KERALA HIGH COURT
Extract:
.......s Co. Ltd. 1989 177 ITR 377 (SC), we see no reason why expenditure incurred on purchasing of new machinery to ensure sound functioning of the sugar mill to replace the old ones, should not be held as revenue expenditure. We, therefore, answer the above referred question in the affirmative, that is, in favour of the assessee and against the Revenue.