Supreme Court · 2007 INSC 823 · Decided 10 August 2007
The Commissioner of Income Tax, Madurai ETC. ETC. v. M/S. Saravana Spininng Mills PVT. LTD.
- Court
- Supreme Court of India
- Citation
- 2007 INSC 823 · [2007] 8 S.C.R. 944
- Case number
- CIVIL APPEAL No. 7604/2005
- Decided
- 10 August 2007
- Bench
- S.H. KAPADIA, B. SUDERSHAN REDDY (2-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 31
Headnote
Income Tay Act, 1961; Sections 3/(i) and 37: Deduction-Expenses incurred for modernization and replacement of parts of machinery etc. in a textile mill--Such expenses whether amounts to current repairs in terms of Section 31 {i) of the 196 I Act for claiming deductions-Held: Term 'current which are attended to when its need arises from the view point of a businessmen-Object behind Section 3 J(i) is to preserve and maintain the asset and not to bring a new asset-Section 3 I (i) limits the scope of al/owability of expenditure as deduction in respect of repairs made to macHinery,
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