K. Raviraja Pandian, J.

This appeal has been filed against the order of the Income Tax Appellate Tribunal in I.T.A.No.141/Mds/2004, dated 110. 2006. The relevant assessment year is 2000-01.

2. The assessee-Company filed return of income for the assessment year 2000-2001 on 211. 2000 declaring a gross total income of Rs.18,98,72,520 and after setting off an unabsorbed depreciation from the assessment year 1994-1995, arrived at a net taxable income of Rs.Nil. The assessee inter alia claimed deduction of expenditure incurred on issue of debentures and collection of fixed deposits as revenue expenditure. The Assessing Officer disallowed the same, as also the depreciation on standby machinery. Aggrieved by the assessment orders, the assessee filed appeals before the Commissioner of Income Tax (Appeals), who allowed the same based on the orders passed for the earlier years on the same issues. The Revenue took the matter on further appeal to the Income Tax Appellate Tribunal. The Income Tax Appellate Tribunal confirmed the orders of the Commissioner of Income Tax (Appeals). Hence, the present appeal has been filed by formulating the following substantial questions of law:-

"1.