Sree Karpagambal Mills Ltd. vs Cit on 3 July, 2002

ORDER

V.S. Sirpukar, J.

The question referred to us is as follows :

“Whether depreciation as per the Income Tax (Fourth Amendment) Rules, 1983, is to be allowed in all cases which are pending on 2-4-1983 irrespective of the assessment year involved or has it to be allowed only in 1984-85 and subsequent years ?”

2. The learned counsel for the assessee very fairly makes a statement that the issue covered in this question has been decided against the assessee in the decision in Mercantile Credit Corpn. Ltd. v. CIT (2000) 245 ITR 245 (Mad). In that view, the question referred to us is answered against the assessee and in favour of the revenue.