1994 (11) TMI 91

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.... this reference under section 256(1) of the Income-tax Act, 1961, the Income-tax Appellate Tribunal has referred the following question of law at the instance of the Revenue to this court for opinion : " 1. Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that the assessee-company did not hold a lease of a building for the reason that it held a lease....

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.... observed by the Tribunal that the Revenue itself has allowed depreciation of Rs. 46,878 in terms of section 32(1)(ii) in relation to the same property on the basis that it was owned by the assessee. In that view of the matter, the Tribunal held that the claim for the balancing allowance, i.e., cost minus depreciation allowed in respect of the said property in terms of section 32(1)(iii), was mere....