High Court Of Madras
CIT vs. Tube Investments Of (India) Ltd.
Section 32A, 37(1)
R. Jayasimha Babu & C. Nagappan, JJ.
TC (A) No. 247 of 2000
30th August, 2001
T. Ravikumar, for the Revenue : P. Senthilkumar, for the Assessee
R. Jayasimha Babu, J. :
Having perused the order of the Tribunal and heard counsel, we do not see any error in the order of the Tribunal. Investment allowance allowed on the ground water tank used for storing water required for cooling of plant and machinery was properly allowed. Prorata annual allocation of premium payable on redemption of debentures allowed by the Tribunal is in accordance with the law laid down by the apex Court in the case of MadrasIndustrial Investment Corporation Ltd. vs. CIT (1997) 139 CTR (SC) 555 : (1997) 225 ITR 802 (SC). The appeal is dismissed.
[Citation : 261 ITR 753]