Replacement of broken and damaged gear box of furnace klin is current repairs u/s 31(1): ITAT

The Income Tax Appellate Tribunal (ITAT) in Cuttack held that replacing broken and damaged gear boxes in a furnace kiln qualifies as current repairs under Section 31(1) of the Income Tax Act. The tribunal noted that the gear boxes were replaced to maintain the existing machinery's functionality without improving or enhancing it. Therefore, the expenditure was deemed a plain repair necessary for the machinery's continued use, making it allowable under Section 31(1) as current repairs.