2024 (2) TMI 1434 - HC - Income Tax

Allowability u/s 37(1) - Expenditure incurred by the assessee on replacement of nine ring frames - whether Tribunal was erroneous in not properly appreciating the decision of Ramaraju Surgical Cotton Mills 2007 (8) TMI 39 - SUPREME COURT a later decision of the Hon ble Supreme Court and specifically referred to in the petitioner s submission before the Tribunal? - HELD THAT - Identical question being inter parties have been decided today by this Court 2024 (2) TMI 1432 - CALCUTTA HIGH COURT and both the questions have been answered against the assessee and in favour of the revenue. Respectfully following order supra both the afore-quoted substantial questions of law are answered against the assessee and in favour of the revenue.

Summary

The High Court of Calcutta dismissed the appeal related to the assessment year 2008-09. The court answered substantial questions of law against the assessee and in favor of the revenue, following a previous judgment in a similar case. The appeal was found to have no merit and was dismissed.