https://www.taxtmi.com/caselaws?id=13671 The High Court of Madras affirmed the decision of the Income-tax Appellate Tribunal regarding the treatment of expenditure on machinery replacement for the assessment year 1994-95. The court upheld the Tribunal's classification of the expenditure as revenue expenditure, emphasizing that it aligns with the provisions of the Income Tax Act. The court dismissed the Revenue's appeal, citing precedent that the replacement of machinery constitutes revenue expenditure. en-us Tue, 07 Nov 2006 00:00:00 +0530 Sun, 06 Feb 2011 02:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13671 The High Court of Madras affirmed the decision of the Income-tax Appellate Tribunal regarding the treatment of expenditure on machinery replacement for the assessment year 1994-95. The court upheld the Tribunal's classification of the expenditure as revenue expenditure, emphasizing that it aligns with the provisions of the Income Tax Act. The court dismissed the Revenue's appeal, citing precedent that the replacement of machinery constitutes revenue expenditure. Case-Laws Income Tax Tue, 07 Nov 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13671