HUKUMCHAND MILLS LIMITED Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THE following four questions have been referred to us in this reference for our determination :

(2.) THE counsel agreed that as far as question No. 1 is concerned, in view of the decision of the Supreme Court in the case of Hukumchand Mills Ltd. v. CIT : [1967]63ITR232(SC) , the question will have to be answered as follows : (1) Only that part of the depreciation which entered into the computation of the taxable income of the assessee under the Indian Income -tax Act, 1922, for the assessment years prior to 1950 -51 could be treated as depreciation 'actually allowed' and not the total depreciation which went into the computation of its total world income.

(3.) THERE will be no order as to the costs of this reference.