https://www.taxtmi.com/caselaws?id=20230 The High Court ruled in favor of the textile manufacturing company, allowing the expenditure on modernizing machinery as revenue expenditure. The court emphasized the necessity of modernization in a competitive business environment and cited relevant cases to support its decision. However, the issue of bonus deduction was deferred for further examination by the Tribunal in accordance with the provisions of the Income-tax Act. en-us Fri, 29 Oct 1993 00:00:00 +0530 Thu, 12 Nov 2009 16:22:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20230 The High Court ruled in favor of the textile manufacturing company, allowing the expenditure on modernizing machinery as revenue expenditure. The court emphasized the necessity of modernization in a competitive business environment and cited relevant cases to support its decision. However, the issue of bonus deduction was deferred for further examination by the Tribunal in accordance with the provisions of the Income-tax Act. Case-Laws Income Tax Fri, 29 Oct 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20230