COMMISSIONER OF INCOME TAX Vs. AJIT BHAWAN HOTEL

JUDGEMENT

(1.) IN the facts and circumstances of the case, the preparation of the paper book is dispensed with and at the request of learned counsel for the parties, we have heard the learned counsel for the parties on merits.

(2.) ON the reference under s. 260(1) the following common question of law arising out of Tribunal's order in two appeals relating to asst. yrs. 1985-86 and 1986-87 has been referred to this Court : "Whether, on the facts and in the circumstances of the case, the Tribunal is legally justified in allowing benefit of depreciation, extra-shift allowance and investment allowance on hotel building and tourist complex by treating them as a plant ?"

(3.) ACCORDINGLY, the reference is answered in favour of Revenue and against the assessee.