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The Commissioner of Income-tax, Kanpur v. M/s J.K.Oil Mills. Co. Ltd., Kanpur. - INCOME TAX REFERENCE No. 67 of 1988  RD-AH 1389 (23 May 2005)
INCOME TAX REFERENCE NO.67 OF 1988
The Commissioner of Income-tax, Kanpur. ....Applicant
M/s J.K.Oil Mills. Co. Ltd., Kanpur. ....Respondent
Hon'ble R.K. Agrawal, J.
Hon'ble Rajes Kumar, J.
The Income Tax Appellate Tribunal, New Delhi has referred to following two questions of law under section 256 (1) of the Income Tax Act, 1961, (hereinafter referred to as "the Act") for opinion of this Court.
"Whether on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was justified in holding that the depreciation on machinery used in an ice factory is admissible at the rate of 15%?"
The present Reference relates to the Assessment Year 1980-81.
We have heard Sri A.N.Mahajan, learned Standing Counsel and Sri R.S.Agrawal, learned counsel appearing for the respondents assessee.
It is agreed between the parties that similar question in respect of the assessme3nt year 1977-78 came up for consideration before this Court in I.T.R. No.85 of 1986 decided on 10.11.2004, which is inter party and this Court has found that depreciation at the rate of 10% as admissible to the machinery installed in the ice factory.
Respectfully following the decision of this Court, we answer the question referred to us in negative, i.e. in favour of the Revenue and against the assessee. There shall be no order as to costs.
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