Dismissing the appeal of the revenue the Court held that the Tribunal was right in holding that the expenditure on replacement of dies and moulds was to be allowed as current repairs. Followed CIT v. TVS Motors Ltd (2014) 364 ITR 1 (Mad.)(HC) (AY. 2004-05)
CIT v. TVS Motors Ltd. (2019) 417 ITR 236 (Mad.)(HC)
S. 31 : Repairs-Expenditure on replacement of dies and moulds is held to be current repairs. [S. 37(1)]