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2010 (12) TMI 632 - HC - Income TaxRepair and maintenance expenses on furnace - Revenue or capital expenditure (investment) - the assessee owns two furnaces - The GEC furnace was extensively damaged in a fire which broke out in the factory of the assessee - The assessee carried out repairs by way of replacement of a transformer and the panel static inverter generator pertaining to the furnace which was damaged - Held that: - The expenditure are revenue in nature. Cost of moulds - Revenue or capital expenditure - Mere fact that the moulds were used in production process could not be conclusive on the issue of nature of expenditure as held by this Court in Malhotra Industrial Corporation's case (2001 -TMI - 12991 - PUNJAB AND HARYANA High Court) - Replacement of moulds to be held as revenue in nature.
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