Commissioner Of Income Tax vs Southern Petrochemical Industries Corporation Ltd.

Authority: High Court Date: 2007-07-13 AY: 1993-94, 1994-95, 1995-96, 1996-97 Section: 271(1)(c) Acts: Income Tax Act 1961 Result: Assessee Citation: (2008) 5 DTR (Mad) 70 : (2009) 311 ITR 202 Justices: P.D. Dinakaran & P.P.S. Janarthana Raja, JJ. Appeal No: Tax Case (Appeal) Nos. 1039 to 1042 of 2007 and Misc. Petn. No. 1 of 2007
Whether expenditure for issue of debentures and fixed deposits is a revenue expenditure --- Held Yes. Whether standby assets not put to use during the relevant year are entitled to depreciation --- Held Yes.

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