High Court directs Tribunal to refer questions on depreciation for cinema building & machinery under section 256(2)

The High Court of Allahabad directed the Tribunal to refer two questions of law regarding depreciation on cinema building and machinery for consideration under section 256(2) of the Act.

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The High Court of Allahabad directed the Tribunal to refer two questions of law regarding depreciation on cinema building and machinery for consideration. The questions relate to whether the depreciation is allowable as business income and the significance of an observation by the Commissioner of Income-tax. The case is to be referred under section 256(2) of the Act.

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