https://www.taxtmi.com/caselaws?id=207452 The High Court upheld the decision to treat the expenditure on the replacement of membranes as capital rather than revenue, citing its enduring benefit and the assessee's accounting treatment. The classification of the amount due from PNFC as a doubtful debt was also confirmed. The initiation of penalty proceedings under section 271(1)(c) of the Income-tax Act was deemed justified. The court dismissed the appeals, finding no substantial questions of law and agreeing with the lower authorities' conclusions. en-us Mon, 02 Aug 2010 00:00:00 +0530 Sat, 15 Dec 2012 11:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=207452 The High Court upheld the decision to treat the expenditure on the replacement of membranes as capital rather than revenue, citing its enduring benefit and the assessee's accounting treatment. The classification of the amount due from PNFC as a doubtful debt was also confirmed. The initiation of penalty proceedings under section 271(1)(c) of the Income-tax Act was deemed justified. The court dismissed the appeals, finding no substantial questions of law and agreeing with the lower authorities' conclusions. Case-Laws Income Tax Mon, 02 Aug 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=207452