JUDGMENT

JANARTHANAM, J-These reference applications, at the instance of the Commissioner of Income-tax, Tamil Nadu-III, Madras, are for issuance of a direction to the Tribunal to state a case and refer the common question of law for the opinion of this Court, as below, for the three assessment years 1985-86, 1986-87 and 1987-88:"Whether, on the facts and in the circumstances of the cases, the Tribunal was right in holding that the expenditure incurred by the assessee is substantially replacing the old building, during the previous years relevant to the assessment years 1985-86, 1986-87 and 1987-88 is allowable as current repairs under section 31(1) or under section 37 of the Income Tax Act, 1961?"Arguments of Mrs. Chitra Venkataraman, learned counsel representing Mr. C.V. Rajan, learned junior standing counsel for the income-tax cases representing the Revenue and Mr. P.P.S. Janarthana Raja, learned counsel representing K.V. Rajan and Suresh Kumar, learned counsel appearing for the assessee wer...