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2009 (12) TMI 44 - MADRAS HIGH COURTReplacement of Machinery – Bringing into existence of a new asset - Whether the replacement of machinery parts will amount to revenue expenditure or not - Whether bringing into existence of a new asset or obtaining a new advantage would amount to revenue expenditure or not - Having regard to the law now prevailing as declared by the Supreme Court in the above said cases, even in these cases, as there is no specific finding about the enduring nature of the assets or the increase in the production capacity, we are of the view that without answering the question of laws, the matter has to be remitted back to the assessing authority for redoing the exercise as per the dictum laid down by the Supreme Court in the aforesaid cases. – held that - , as there is no specific finding about the enduring nature of the assets or the increase in the production capacity, we are of the view that without answering the question of laws, the matter has to be remitted back to the assessing authority for redoing the exercise - matter is remitted back to the Commissioner of Income Tax (Appeals) to reconsider the issue in the light of the direction given by the Supreme Court
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