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[2009] 311 ITR 202 (MAD.) HIGH COURT OF MADRAS Commissioner of Income-tax v. Southern Petrochemical Industries Corporation Ltd. P.D. DINAKARAN AND P.P.S. JANARTHANA RAJA, JJ. T.C.(A) NOS.1039 TO 1042 OF 2007 AND M. P. NO. 1 OF 2007 JULY 13, 2007 Section 32 of Income-tax Act, 1961 - Depreciation - Allowance/rate of Stand-by assets not put to use during year will be entitled to depreciation [In favour of assessee] [Assessment years 1993-94 to 1996-97] CIT v. Southern Petrochemical Industries Corpn. Ltd. [2009] 311 ITR 202 (Mad.) In view of the decision in CIT v. Southern Petrochemical Industries Corpn. Ltd. [2007] 292 ITR 362 (Mad.), stand-by assets not put to use during the year will be entitled to depreciation. Section 32 of Income-tax Act, 1961 - Depreciation - Allowance/rate of DEBENTURE ISSUE EXPENSES Expenditure incurred for issue of debentures and collection of fixed deposits is a revenue expenditure [Assessment years 1993-94 to 1996-97] [In favour of assessee] CIT v. Southern Petrochemical Industries Corpn. Ltd. [2009] 311 ITR 202 (Mad.) In view of the decisions in CIT v. Southern Petrochemical Industries Corpn. Ltd. [2007] 292 ITR 362 (Mad.). CIT v. South India Corpn. (Agencies) Ltd. [2007] 290 ITR 217 (Mad.), the expenditure incurred for issue of debentures and collection of fixed deposits is a revenue expenditure. J. Naresh Kumar for the Appellant. JUDGMENT P.D. Dinakaran, J. - The above tax case appeals are directed against the common order of the Income-tax Appellate Tribunal dated January 27, 2006, made in ITA Nos. 1256, 1257, 1337 and 1338/Mds/2001, raising the substantial questions of law, viz., "(i) Whether, on the facts and circumstances of the case, the Tribunal was right in holding that the expenditure for issue of debentures and fixed deposits is a revenue expenditure ? (ii) Whether, on the facts and circumstances of the case, the Tribunal was right in holding that stand by assets which are not put to use during the relevant year are entitled to depreciation ?". under the following facts and circumstances of the case. 2. The assessment years involved in these appeals are 1993-94 to 1996-97 respectively, during which the assessee claimed…

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