Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2002 (10) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2002 (10) TMI 15 - HC - Income Tax1. Whether, Tribunal is right in law in holding that the expenditure incurred by the assessee during the accounting year on replacement of machinery at Rs. 63,80,131 was amount paid on current repairs and was allowable under section 31? - 2. Whether Tribunal is correct in law in deducting the expenditure incurred on purchase of ring frames while computing the book profits under section 115J?" - The first question referred needs to be reframed deleting the reference therein to current repairs and substituting section 37 in place of section 31 - The question reframed is answered in favour of the assessee. The second question is also answered in favour of the assessee, as it is only consequential to the first.
|