1988 (12) TMI 71

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....ons arise in this reference at the instance of the Revenue. They read thus : Assessment years 1967-68 and 1968-69 : "(1) Whether, on the facts and circumstances of the case, the assessee was entitled to depreciation and development rebate in respect of the interest capitalised of Rs. 7,82,379 for each of the assessment year under consideration ?" Assessment year 1967-68 : "(2) Whether,....

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....he assessee. Mr. Dastur, learned counsel for the assessee, fairly pointed out that the Hindustan Polymers Ltd.'s judgment [1985] 156 ITR 860, did not seem to be applicable, What he said applicable was the judgment in Kirloskar Asea Ltd. v. CIT [1979] 118 ITR 703 (Kar). Mr. Bhatia then stated that Kirloskar Asea Ltd.'s was the covering judgment. Since we found this was a judgment of the Karnataka H....