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TMI Blog2007 (7) TMI 284X X X X Extracts X X X X X X X X Extracts X X X X ..... vered by 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 f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... als at the instance of the Revenue, was confirmed by the Appellate Tribunal. Hence, the present tax case appeals raising the substantial questions of law referred to above. 3. It is fairly submitted by learned standing counsel appearing for the Revenue that the issues raised in these tax case appeals are covered against the Revenue by the earlier decision of this court in the assessee's own case ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... court in a recent decision in CIT v. South India Corporation (Agencies) Ltd. [2007] 290 ITR 217 (Mad), while deciding the question whether the Tribunal was right in holding that 60 per cent. of the expenses incurred on partly convertible debentures had to be allowed as deduction, after referring to the decision of the apex court in India Cements Ltd. v. CIT [1966] 60 ITR 52, referred to supra, an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erred to the following decisions : (i) CIT v. Viswanath Bhaskar Sathe [1937] 5 ITR 621 (Bom) ; (ii) Liquidators of Pursa Ltd. v. CIT [1954] 25 ITR 265 (SC) ; and (iii) CIT v. Vayithri Plantations Ltd. [1981] 128 ITR 675 (Mad). and held that the assessee is entitled to depreciation on spare parts which are stand-by items even though they were not taken for use during the accounting years. 8. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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