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of <h1>Substitution of machinery parts: Capital vs. repair expenditure determination</h1> <h3>Ratan Singh Versus Commissioner of Income-tax</h3> The court held that the substitution of new parts in the machinery constituted capital expenditure rather than repairs, as it significantly changed the ... - The judgment discusses whether the substitution of new parts in machinery constitutes capital expenditure or repairs. The court states that the nature of the expenditure depends on whether it is revenue expenditure. The decision is based on whether the substitution substantially changes the identity of the machine, improves it significantly, or extends its serviceability period. The court emphasizes that determining the nature of expenditure is a question of fact based on the circumstances.
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