1993 (1) TMI 29

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....has referred the following question at the instance of the Revenue : "Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was justified in capitalising the expenditure of Rs. 86,799 and allowing depreciation and development rebate thereon ?" The assessee is a firm. The assessment year is 1966-67 and the relevant previous year ended on March 31, 1965. During the rel....

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....tter before the Income-tax Appellate Tribunal and contended that Rs. 86,799 could not have been capitalised. In this connection, reliance was placed on the decision of the Andhra Pradesh High Court in the case of CIT v. Challapalli Sugars Ltd. [1970] 77 ITR 392. The Tribunal, however, following the decision of the Calcutta High Court in the case of CIT v. Standard Vacuum Refining Co. of India Ltd.....