Expenditure on replacement of machinery cannot be regarded as current repairs

SUPREME COURT OF INDIA Commissioner of Income-tax, Madurai Versus Sree Ayyanar Spinning & Weaving Mills Ltd. CIVIL APPEAL NOS. 3029, 3030, 3036, 3042, 3044, 3045 & 3046 OF 2006 SEPTEMBER 4, 2012 ORDER Civil Appeal Nos.3029/2006 and 3045/2006: 1. Heard learned counsel on both sides. 2. These matters are squarely covered by the judgments of this Court in the cases of CIT v. Saravana Spg. Mill (P.) Ltd. [2007] 293 ITR 201 and CIT v. Ramaraju Surgical Cotton Mills [2007] 294 ITR 328. 3. Accordingly, the civil appeals filed by the Department are disposed of in terms of the ...