2012 (9) TMI 161

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....NSEL FOR GOI (TAXES). For Respondent: SRI.C.KOCHUNNY NAIR, SRI.DALE P.KURIEN.   JUDGMENT   K.Vinod Chandran, J:   The assessee, a Company engaged in the business of manufacture and sale of yarn, for the assessment year 1991-92,claimed an amount of Rs.1,38,27,772/- as revenue expenditure towards replacement of machinery. The Assessing Officer conducted a survey under Section....

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....e expenditure. The Tribunal, on an appeal by the Revenue, confirmed the findings of the first appellate authority.   3. The Revenue is in appeal before us, raising the following questions of law:   i) Whether, on the facts and in the circumstances of the case the expenditure incurred by the assessee for replacement of the machinery (cone winder by auto coner) would amount to capita....

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.... available in the market. The assessee, hence, replaced the worn out parts with new parts manufactured by another manufacturer; thus modifying the machinery to a new system. In the instant case, the Tribunal has clearly found that the new machinery was one which reduced the man power requirement substantially and increased production. The facts are clearly distinguishable. 5. The issue, in the ....