2002 (10) TMI 15

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..... of the Revenue, for our consideration are: "1. Whether, on the facts and in the circumstances of the case, the Appellate 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 of the Act? 2. Whether, on the facts and in the circu .....

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..... on the finding that the "...expenditure incurred on the replacement of ring frames was revenue in nature". In other words that the expenditure was not in the nature of capital expenditure. The Tribunal has, in its order for the assessment year 1979-80 held that the ring frames have no independent existence or utility unless worked with other machines, that its function is ancillary, that it is o .....

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