COMMISSIONER OF INCOME TAX Vs. SARAN KHANDSARI UDYOG

JUDGEMENT

(1.) At the instance of the Revenue, common questions couched almost in similar language have been referred by the Income-tax Appellate Tribunal for the opinion of this court for the assessment years 1978-79 and 1981-82.

(2.) For the sake of convenience, the question as referred in the reference relating to the assessment year 1978-79 is reproduced below : "Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was justified in law in holding that the assessee was entitled to triple-shift allowance in respect of the generator in terms of the Schedule of depreciation given under the Income-tax Rules, 1962 ?"

(3.) Section 32(1) of the Income-tax Act, 1961 (briefly, "the Act"), states that in respect of depreciation of buildings, machinery, plant or furniture owned by the assessee and used for the purposes of the business or profession, the following deductions shall, subject to the provisions of Section 34, be allowed.