TMI Blog1989 (8) TMI 354X X X X Extracts X X X X X X X X Extracts X X X X ..... ns of law have been referred to this Court by the Tribunal under s. 256(1) of the IT Act, 1961 : 1. Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the replacement cost of the petrol engine by diesel engine of the jeep should be treated as Revenue expenditure and not as capital expenditure ? 2. Whether, on the facts and in the circum ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... venue expenditure and not as capital expenditure. This is not disputed that by replacing the petrol engine in the jeep no new asset has been brought into existence but possibly the functioning of the jeep has been made economical on the part of the management, in getting the service of the engine with diesel, which will reduce the running expenses no doubt to some extent of the business. As such i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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