Delhi High Court
Cit vs Sterlite Chemical on 6 September, 2007
Bench: M B Lokur, S Muralidhar
ORDER
1. For the assessment year 1981-82, the following question of law has been referred for our opinion:
Whether on the facts and in the circumstances of the case, the ITAT was correct both on facts and in law in holding that the value of the subsidy of Rs. 2,83,500 should not be reduced from the cost of the Plant & Machinery for the purpose of allowing depreciation, investment allowance and relief under Section 80J of the Income Tax Act?
2. In view of the decision of the Supreme Court in CIT v. P.J. Chemicals Ltd. , the question of law is required to be answered in the affirmative, in favor of the assessed and against the revenue.
3. Under the circumstances, the reference is disposed of accordingly