HIND WIRE INDUSTRIES Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) In this application under Section 261 of the Income-tax Act, 1961, the applicant-assessee prays for certificate of fitness for appeal to the Supreme Court contending that the following questions of law purportedly substantial in nature and of general public importance, arise from the judgment of the Division Bench of this court delivered on March 24, 1993, in Reference No. 51 of 1991 (See [1993] 202 ITR 274):

(2.) Shortly stated the facts from which the reference arose are that the assessee claimed depreciation for each of the assessment years 1976-77 to 1980-81 on factory buildings at five per cent. instead of ten per cent. admissible under the rules. The assessments were also completed accordingly. The assessments for the assessment years as aforesaid became the subject-matter of appeals on issues other than the question of the rate of depreciation on factory buildings. These appeals were decided on September 1, 1984. The appeal effect was given by the Assessing Officer on October 25, 1984, and September 4, 1986. In the appeal proceedings as also in the subsequent proceedings the question of rectification of the rate of depreciation on factory buildings was never raised. The material dates on which the aforesaid orders came to be passed are shown in the table below : <FRM>JUDGEMENT_894_ITR209_1994Html1.htm</FRM>

(3.) It may be observed that on July 12, 1982, there was a rectification for all the assessment years in respect of the extra shift depreciation allowance not touching the question of depreciation allowable in respect of factory buildings.