SIEMENS INDIA LIMITED Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) BY this reference under s. 256(1) of the IT Act, 1961, made at the instance of the assessee, the Tribunal has referred the following three questions to this Court for opinion :

(2.) COUNSEL for the parties are agreed that the question No. 2 is covered by the decision of this Court in Lubrizol India Ltd. vs. CIT (1991) 187 ITR 25 (Bom). Following the same it is answered in the affirmative and in favour of Revenue.

(3.) AS desired by the learned counsel for the assessee, we make it clear that the Tribunal, while giving effect to the opinion given by us on question No. 3 may consider the question of depreciation, if raised by the assessee, in accordance with law.