2001 (9) TMI 12

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....stance of the Revenue. The following questions have been referred for the opinion of this court in respect of the assessment year 1983-84: "1. Whether, the Appellate Tribunal is right in law and on facts in holding that the subsidy amount should not be deducted from the cost of plant and machinery for allowing depreciation, investment allowance and for computation of capital employed under sect....

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....estion No. 1 is in the affirmative, i.e., in favour of the assessee and against the Revenue. Coming to question No. 2, the learned counsel for the Revenue relies on the decision of this court in Paushak Ltd. v. CIT [1994] 210 ITR 535, wherein this court relied on the decision of the apex court in the case of Cambay Electric Supply Industrial Co. Ltd. v. CIT [1978] 113 ITR 84 and CIT v. Gautam S....