LAWS(MAD)-1997-3-127

COMMISSIONER OF INCOME TAX Vs. THIAGARAJAR MILLS LIMITED

Decided On March 05, 1997
COMMISSIONER OF INCOME TAX Appellant
V/S
THIAGARAJAR MILLS LTD. Respondents

JUDGEMENT

(1.) AT the instance of the Revenue, the Tribunal has stated a case and referred the following three questions of law for the asst. yr. 1978-79 under s. 256(1) of the IT Act, 1961, hereinafter referred to as 'the Act'.

(2.) WHETHER, on the facts and in the circumstances of the case, the Tribunal was right in holding that the subsidy received will not go to reduce the cost of the assets and consequently depreciation and investment allowance should not be calculated at the lower figure ?