https://www.taxtmi.com/caselaws?id=21572 The High Court of Gujarat ruled in favor of the assessee, allowing the deduction of Rs. 58,164 as a business expense for the assessment year 1968-69. The Court held that the expenditure on underground electric cables, replacing old overhead wiring, was revenue in nature and not capital expenditure, despite the replacement of capital assets. The decision affirmed the Tribunal's view that the expenditure constituted current repairs based on factors like the extent of replacement and business necessity. The reference was disposed of with no order as to costs. en-us Thu, 26 Mar 1992 00:00:00 +0530 Wed, 25 Nov 2009 14:24:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21572 The High Court of Gujarat ruled in favor of the assessee, allowing the deduction of Rs. 58,164 as a business expense for the assessment year 1968-69. The Court held that the expenditure on underground electric cables, replacing old overhead wiring, was revenue in nature and not capital expenditure, despite the replacement of capital assets. The decision affirmed the Tribunal's view that the expenditure constituted current repairs based on factors like the extent of replacement and business necessity. The reference was disposed of with no order as to costs. Case-Laws Income Tax Thu, 26 Mar 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21572