COMMISSIONER OF INCOME TAX Vs. LAXMI INDUSTRIES

JUDGEMENT

(1.) THE Income-tax Appellate Tribunal has referred the following question of law arising out of its order dated April 24, 1981, in respect of the assessment year 1977-78 ;

(2.) THE above matter has been considered by a Division Bench of this court in the case of CIT v. Ambica Electrolytic Capacitors Pvt. Ltd. [1991] 191 ITR 494, wherein it was held that the amount of subsidy granted by the Government was not deductible from the cost of assets.