2007 (9) TMI 215

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....K GUPTA J.—1. By this common judgment, we dispose of all the aforesaid income-tax references (ITRs) since a common question of law is involved therein. 2. The main question which has been referred for the opinion of this court by the Income-tax Appellate Tribunal reads as follows: "Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that the....

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....referred this matter because there was no pronouncement by this court. 4. This court in CIT v. Ruchira Papers Ltd. [1994] 208 ITR 601, had followed the decision of the Madras High Court (Srinivas Industries v. CIT [1991] 188 ITR 22) and it came to the conclusion that the actual cost of assets cannot be reduced by subsidy received. In fact this question has been settled by the apex court in CIT ....