COMMISSIONER OF INCOME TAX Vs. WOOLCOMBERS INDIA LTD

JUDGEMENT

(1.) THE Tribunal has referred the following three questions of law under s. 256(1) of the IT Act, 1961 to this Court for opinion :

(2.) SO far as the first question is concerned, in view of the decision to this Court, in the case of CIT vs. Eastern Spinning Mills Ltd. (1980) 19 CTR (Cal) 94 : (1980) 126 ITR 686 (Cal), it has to be answered in the affirmative and in favour of the assessee.

(3.) SO far as the Third question is concerned, it appears that there is a circular issued by the CBTD dt. 13th Sept., 1973 being Circular No. 202/41/72-ITA II by which it has been clarified that the assessee was entitled to claim depreciation allowance at the rate of 30 per dent. In that view of the matter, the third question is also answered in the affirmative and in favour of the assessee.