Exp. incurred on replacement of old machinery won’t be deemed as current repairs under sec. 31, says High Court

Replacement of an old machine with a new one would constitute bringing into existing a new asset in place of old one and, therefore, expenditure incurred on such replacement cannot be allowed under head 'current repairs'
Commissioner of Income-taxv.Madras Spinners Ltd. (2013) 40 taxmann.com 328 (Kerala)