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of <h1>Court upholds deduction for replacing worn-out ring frames under 'Current repairs'</h1> <h3>Commissioner Of Income-Tax Versus Tuticorin Spinning Mills Ltd.</h3> The High Court of Madras dismissed the Revenue's petition seeking a reference from the Tribunal's order. The Tribunal's decision to allow the deduction of ... Reference, Capital Or Revenue Expenditure The High Court of Madras dismissed the Revenue's petition seeking a reference from the Tribunal's order. The Tribunal's decision to allow the deduction of amounts spent on replacing worn out ring frames under 'Current repairs' was upheld, citing a previous court ruling that such expenditure is not capital in nature. The Revenue's argument that the replacement cost should be treated as capital expenditure was rejected.
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