Case Law Details
Case Name : CIT Vs. M/s. Sri Mangayarkarasi Mills (P) Ltd. (Supreme Court of India)
Related Assessment Year :
Courts :
Supreme Court of India
Facts:- M/s. Sri Mangayarkarasi Mills (P) Ltd. (“assessee/SMMP Ltd.”), engaged in the manufacture and sale of cotton yarn, incurred expenditure on replacement of machinery. While on one hand, SMMP Ltd. capitalized the said expenditure in its books of account and in its return of income, on the other, the same was claimed as revenue expenditure on the basis that such expenditure was merely incurred on replacement of spare parts in the spinning mill system.
The Assessing Officer disallowed the claim of the assessee. The Commissioner of Income-tax (Appeals), however, allowed the claim of the ...
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Office 60 Years plus old, want to replace the Roof my CA and me have a different opinion
I feel it’s replacement Capital he feel it’s Repair and Maintenance
Thank you
Kobie