D.b. Income Tax Reference v. M/ S.bhilwara Wooltex (P) Ltd., Bhilwara

IN THE HIGH COURT OF JUDICATURE FOR RAJASHANAT JAIPUR BENCH, JAIPUR :: ORDER :: D.B. INCOME TAX REFERENCE NO.9/ 1991The Commissioner of Income-tax, JaipurVs.M/ s.Bhilwara Wooltex (P) Ltd., Bhilwara 24.03.2015 HON'BLE THE CHI EF JUSTI CE MR. SUNI L AMBW ANIHON'BLE MR. JUSTI CE AJI T SI NGH Ms.Parinitoo Jain for the applicant.Ms.Sonal Singh for the Official Liquidator. Reportable * * * * * * * * 1.This Income Tax Reference under Section 256(1) of the IncomeTax Act was received from the Income Tax Appellate Tribunal, Jaipur Bench, Jaipur on 30.01.1990, to decide the following question of law: - “Whether on the facts and in the circumstances of the caseand in law, the Tribunal was justified in holding that theamount of subsidy is not to be deducted from the value ofassets for the purpose of depreciation?” 2.Learned counsel appearing for the Official Liquidator informs that M/ s.Bhilwara Wooltex Pvt.Ltd., Bhilwara was wound up by an order passed by this Court on 03.07.1992, on which an Official Liquidatorwas appointed to act as Liquidator of the Company. The entire assetsof the Company have been sold, and that, the creditors have been paidoff. 3.The question of law, in our opinion, is specific to the Company,and will not affect the assessment to be made, in respect of theCompany, in future. 4.The tax effect, of the decision of the reference is also very low,and considering the fact that the question of law is not of a nature,which may require decision, for any general application, the IncomeTax Reference and returned unanswered. 5.This Income Tax Reference is accordingly disposed of. ( AJI T SI NGH) ,J. ( SUNI L AMBW ANI ) ,CJ. Skant/ -, Proof Reader Al l t he cor r ect i ons made i n t he j udgment / or der have been i ncor por at edi n t he j udgment / or der bei ng emai l ed. Shashi Kant Gaur ,Pr oof Reader