https://www.taxtmi.com/caselaws?id=4489 The Court affirmed the revenue nature of expenses related to debentures and fixed deposits, following precedents such as India Cements Limited v. Commissioner of Income-Tax. Standby machinery was deemed eligible for depreciation benefits, in line with Commissioner of Income-Tax v. Southern Petrochemical Industries Corporation Limited. Precedents like Liquidators of Pursa Limited v. CIT supported this decision, emphasizing that machinery kept ready for business use qualifies for depreciation. The Court upheld the Tribunal's decisions on both issues, confirming the revenue treatment of debenture-related expenses and the eligibility of standby assets for depreciation benefits. en-us Mon, 04 Feb 2008 00:00:00 +0530 Mon, 25 Aug 2008 15:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=4489 The Court affirmed the revenue nature of expenses related to debentures and fixed deposits, following precedents such as India Cements Limited v. Commissioner of Income-Tax. Standby machinery was deemed eligible for depreciation benefits, in line with Commissioner of Income-Tax v. Southern Petrochemical Industries Corporation Limited. Precedents like Liquidators of Pursa Limited v. CIT supported this decision, emphasizing that machinery kept ready for business use qualifies for depreciation. The Court upheld the Tribunal's decisions on both issues, confirming the revenue treatment of debenture-related expenses and the eligibility of standby assets for depreciation benefits. Case-Laws Income Tax Mon, 04 Feb 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=4489