CIT Vs. ADARSH SHEET GRIH

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') for opinion to this Court: 'Whether, on the facts and in the circumstances of the case, the Tribunal was in law legally justified in confirming the Commissioner (Appeals)'s finding that the amount of subsidy received or receivable from the U.P. State Government is not deductible from W.D.V. of the various assets for the purpose of calculation of depreciation on the same ?'

(2.) THE reference relates to the assessment year 1983 -84.

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