2001 (8) TMI 19 - HC - Income Tax

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. Pro-rata 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 Madras Industrial Investment Corporation Ltd. v. CIT

Summary

The High Court of Madras upheld the Tribunal's decision regarding investment allowance for a water tank and pro-rata allocation of debenture premium. The appeal was dismissed. (Case citation: 2001 (8) TMI 19 - MADRAS High Court)