2002 (10) TMI 15

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..... rect in law in deducting the expenditure incurred on purchase of ring frames while computing the book profits under section 115J?" - The first question referred needs to be reframed deleting the reference therein to current repairs and substituting section 37 in place of section 31 - The question reframed is answered in favour of the assessee. The second question is also answered in favour of the .....

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..... mputing the book profits under section 115J?" The assessment year is 1990-91. The Tribunal, followed the considered order made by it for the assessment year 1979-80 in respect of the same assessee, which order has become final. T.C.P. No. 86 of 1986 filed by the Revenue seeking a reference having been rejected by it has held that the expenditure incurred by the assessee on the replacement of r .....

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..... endent function, and therefore the cost incurred on such ring frames is not dissimilar in nature and character say to the replacement of a radiator or a carburettor in a motor engine. The ring frames replaced in this assessment year were in place of frames which were decades old and replacement of which had become unavoidable, the only gain for the assessee, by such replacement being the efficie .....

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