CIT Vs. EGGRO PAPER MOULDS LTD

JUDGEMENT

(1.) THE Income Tax Appellate Tribunal, Allahabad, has referred the following question of law under section 256(1) of the Income Tax Act, 1961 (hereinafter referred to as 'the Act') at the instance of the revenue for opinion to this Court: 'Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that the amount of subsidy received is not deductible from the actual cost of the assets whereas in view of the provision as laid down in section 43(1), the amount of subsidy should be deductible for arriving at the actual cost of assets ?'

(2.) AT the instance of the assessee, the Tribunal has also referred the following questions of law for opinion of this Court:

(3.) WE have heard Sri R.K. Upadhyaya, learned standing counsel for the revenue. Nobody has appeared on behalf of the respondent -assessee.