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2010 (10) TMI 419 - HC - Income TaxCapital or revenue expenditure - Scrutiny - whether or not a particular expenditure amounts to "current repairs" the test is "whether the expenditure is incurred to `preserve and maintain' an already existing asset and not to bring a new asset into existence or to obtain a new advantage - assessee has not credited 75 per cent., of the investment allowance claimed, to the investment allowance reserve account - An order of reference is neither a judgment of the Supreme Court within the meaning of article 141 of the Constitution of India nor an opinion of that court under article 143 of the Constitution of India - ince the judgment of the Supreme Court, in Shri Shubhlaxmi Mills Ltd. [1989 -TMI - 5274 - SUPREME Court], remains a binding precedent, till it is overruled by a larger Bench of the Supreme Court, failure on the part of the assessee to debit the investment allowance claimed to the profit and loss account, and to credit 75 per cent. thereof to the investment allowance reserve account, would disentitle them from claiming the benefit of investment allowance, or to be subsequently granted an opportunity to create such a reserve, within the meaning of the Explanation to section 32A(4) of the Income-tax Act, in the year in which the said machines were purchased - Decided against the assesssee
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