2006 (12) TMI 562

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..... he above tax case appeal is directed against the order of the Income-tax Appellate Tribunal dated 16.6.2004 made in ITA No.1139/Mds/1998 for the assessment year 1995-96. 2. The Revenue is the appellant. The issue raised in this appeal relates to the assessment year 1995-96. The Assessing Officer, on completing the assessment, disallowed the claim of the assessee in respect of replacement cost o .....

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..... concedes that the issue raised in this appeal is covered against the Revenue in view of the decision of this Court in COMMISSIONER OF INCOME-TAX v. JANAKIRAM MILLS LTD., [2005] 275 ITR 403. 5. The question whether the expenditure on replacement of machinery is capital or revenue is not determined by the treatment given in the books of account or in the balance sheet. The claim has to be determi .....

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