COMMISSIONER OF INCOME-TAX Vs. SYNTEX FABRICS LTD

JUDGEMENT

(1.) In compliance with the directions of this court, the Income-tax Appellate Tribunal has referred the following two questions of law under Section 256(2) of the Income-tax Act, 1961, for the opinion of this court :

(2.) Whether the Tribunal was justified in holding that the assessee-company was engaged in the business of manufacturing artificial silk and was, therefore, entitled to depreciation at the rate of 15% as against 10% ?"

(3.) Following the decision in the aforesaid case with which we agree, we answer both the questions referred to us in the affirmative, in favour of the assessee and against the department. There shall be no order as to costs.