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2007 (6) TMI 171 - HC - Income TaxAmounts spent on replacement of machinery - capital or revenue expenditure – claim had to be determined only by the provisions of the Act, not by the accounting practice of assessee - Department did not raise any objection before the Tribunal regarding the claim of allowance on the premise of the block of assets concept - Tribunal was right in allowing a deduction of the amounts spent on replacement of machinery as revenue expenditure – deduction allowed
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