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TMI Blog2021 (9) TMI 484X X X X Extracts X X X X X X X X Extracts X X X X ..... e shown in the opening balance and at the end of the year, the same could be allowed as depreciation. Substantial questions of law are answered against the revenue - T.C.A. Nos. 906 & 907 of 2015 - - - Dated:- 18-8-2021 - THE HONOURABLE MR.JUSTICE T.S.SIVAGNANAM AND THE HONOURABLE MR.JUSTICE SATHI KUMAR SUKUMARA KURUP For the Appellant in both T.C.As : M/s.R.Hemalatha Senior Standing Counsel For the Respondent in both T.C.As : Mr.Venkatanarayanan for M/s.Subbaraya Aiyar Padmanabhan COMMON JUDGMENT (D elivered by T .S.Sivagnanam, J) These appeals have been filed by the revenue under Section 260A of the Income Tax Act, 1961 ['the Act' for brevity] challenging the common order dated 30.08.2011 passed by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... umstances of the case, the Income Tax Appellate Tribunal was right in deleting the additions of ₹ 11,73,77,198/- made on interest on securities? 2.Is not the finding of the Tribunal bad by deleting the additions made on interest on securities especially when the assessee has credited interest on day to day basis in its books of accounts as per mercantile system of accounting being followed whereby the entire interest income had accrued during the year? 4.We have heard M/s.R.Hemalatha, learned senior standing counsel appearing for the appellant/revenue and Mr.R.Venkatanarayanan, learned counsel for Mr.Subbarya Aiyar Padmanaban, learned counsel appearing for the respondent/assessee. 5.Though there are four substantial question ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oorji Vallabhdas Co. (1962) 46 ITR 144 (SC), H.M.Kashiparekh Co. Ltd., vs. CIT (1960) 39 ITR 706 (Bom), Poona Electric Supply Co. Ltd. vs. CIT (1965) 57 ITR 521 (SC), Morvi Industries Ltd. vs. CIT 1974 CTR (SC 149 : (1971) 82 ITR 835 (SC), State Bank of Travancore vs. CIT (1986) 50 CTR (SC) 290 : (1986) 158 ITR 102 (SC), Godhra Electricity Co. Ltd. vs. CIT (1997) 139 CTR (SC) 564 : (1997) 225 ITR 746 (SC), held that the assessee is taxable for interest on securities only on specified dates when it becomes due for payment, in view of third proviso to s.145(1) of the Act, which was in force during the relevant assessment years. 8.In so far as the third substantial question of law in T.C.A.No.906 of 2015 is concerned, i.e. with regard ..... X X X X Extracts X X X X X X X X Extracts X X X X
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