COMMISSIONER OF INCOME TAX Vs. KIRLOSKAR BROS LTD

JUDGEMENT

(1.) IN this Departmental reference relating to the assessee's assessment for the year 1973-74, the Tribunal has referred to this Court the following question of law for opinion under S. 256(1) of the IT Act,1961 ('the Act'):

(2.) WHILE it is the case of the assessee that in view of our Court's recent judgment in the case of CIT vs. Mico Products (P.) Ltd. (1991) 91 CTR (Bom) 61 : (1991) 187 ITR 517, the question is required to be answered in the affirmative and in favour of the assessee, Shri Jetly, the learned counsel for the Revenue, relies on the Supreme Court's decision in the case of CIT vs. Indian Telephone Industries Ltd, (1991) 94 CTR (SC) 175 : (1991) 187 ITR 181, for the proposition that in view of the retrospective amendment of S. 35 of the Act, depreciation on the assets, full cost of which was allowed as deduction under S. 35, is not permissible.