https://www.taxtmi.com/caselaws?id=13476 The HC dismissed the Revenue's appeal, ruling in favor of the assessee on both issues. It affirmed that depreciation is allowable on stand-by spare parts, even if not used during the year, as they are considered 'used' when kept ready for use. Additionally, expenses incurred for obtaining fixed deposits from the public were deemed revenue expenditure and thus deductible, as they are essential for business operations. en-us Mon, 29 Jan 2007 00:00:00 +0530 Fri, 23 Feb 2024 13:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13476 The HC dismissed the Revenue's appeal, ruling in favor of the assessee on both issues. It affirmed that depreciation is allowable on stand-by spare parts, even if not used during the year, as they are considered 'used' when kept ready for use. Additionally, expenses incurred for obtaining fixed deposits from the public were deemed revenue expenditure and thus deductible, as they are essential for business operations. Case-Laws Income Tax Mon, 29 Jan 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13476