COMMISSIONER OF INCOME TAX Vs. A M CONSTRUCTIONS

JUDGEMENT

(1.) THIS petition is filed by the Revenue under Section 256(2) of the Income-tax Act, 1961, seeking reference of the following questions, viz.

(2.) THE facts of the case in brief are as follows :

(3.) IN view of the above, we are of the view that the Tribunal is justified in allowing depreciation at 40 per cent. We, therefore, do not see any merit in the petition and it is accordingly dismissed. No costs.