Tribunal held that replacement of spare parts of machinery is held to be revenue expenditure, since said replacement neither brought into existence any new asset nor acquired any advantage of enduring benefit. ( AY. 2006 -07)
Bhagwati Gases Ltd. v. DCIT (2019) 176 ITD 609 (Kol) (Trib.)
S. 37(1) : Business expenditure–Capital or revenue–Replacement of spare parts of machinery -Held to be revenue expenditure.