https://www.taxtmi.com/caselaws?id=4728 The court upheld the Tribunal's decision allowing a deduction for machinery replacement expenditure as revenue expenditure. It clarified that the treatment should align with the Income-tax Act provisions, not the assessee's accounting practices. Each replaced machine was not independent, and the expenditure was considered revenue expenditure. The block of assets concept was deemed inapplicable as there were no new assets acquired with enduring advantages. As no substantial legal questions arose, the appeals were dismissed without costs. en-us Thu, 07 Jun 2007 00:00:00 +0530 Mon, 25 Aug 2008 16:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=4728 The court upheld the Tribunal's decision allowing a deduction for machinery replacement expenditure as revenue expenditure. It clarified that the treatment should align with the Income-tax Act provisions, not the assessee's accounting practices. Each replaced machine was not independent, and the expenditure was considered revenue expenditure. The block of assets concept was deemed inapplicable as there were no new assets acquired with enduring advantages. As no substantial legal questions arose, the appeals were dismissed without costs. Case-Laws Income Tax Thu, 07 Jun 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=4728