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TMI Blog2009 (12) TMI 44X X X X Extracts X X X X X X X X Extracts X X X X ..... or not - Having regard to the law now prevailing as declared by the Supreme Court in the above said cases, even in these cases, as there is no specific finding about the enduring nature of the assets or the increase in the production capacity, we are of the view that without answering the question of laws, the matter has to be remitted back to the assessing authority for redoing the exercise as p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Bench, Chennai, dated 20.05.2005 in I.T.A.No.506/Mds/1997 for the assessment year 1994-95 and 1996-97. For appellant: Mr.J.Naresh Kumar JUDGMENT (Judgment of the Court was delivered by K.RAVIRAJA PANDIAN, J.) By framing the following questions of law, a) "Whether the replacement of machinery parts will amount to revenue expenditure or not? And b) Whether bringing into existence of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ital in nature. On appeal, the Tribunal held that the expenditure on replacement of machinery is revenue in nature following the judgment of this court in the case of Commissioner of Income Tax vs. Janakiraman Mills Limited reported in 275 ITR 403 dismissed the appeal. The correctness of the same is canvassed before this Court by filing these appeals. 3. We have heard the argument of the learn ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n capacity and recorded a finding to that effect, having regard to the addition made or replacement made to the machineries already available. 5. Having regard to the law now prevailing as declared by the Supreme Court in the above said cases, even in these cases, as there is no specific finding about the enduring nature of the assets or the increase in the production capacity, we are of the vie ..... X X X X Extracts X X X X X X X X Extracts X X X X
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