1997 (11) TMI 49

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....on arising from the assessee's case for the assessment year 1983-84 has been referred by the Income-tax Appellate Tribunal ("the Tribunal") at the instance of the Department under section 256(1) of the Income-tax Act, 1961 (for short, "the Act") : "Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that the subsidy of Rs. 1,14,995 received by the asses....

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....owed and depreciation was required to be computed without deducting the amount of subsidy from the cost of the asset. A Division Bench of this court in CIT v. Jindal Brothers Rice Mills [1989] 179 ITR 470, took the view that the amount of Central subsidy is to be deducted from the "actual cost" under section 43(1) of the Act for the purpose of calculation of depreciation. That view has been ove....