The Commissioner Of Income Tax, Patiala v. M/S. Industrial Cables (India) Limited Rajpura

IN THE HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH ITR No. 170 of 1989 (O&M) The Commissioner of Income Tax, Patiala vs M/s. Industrial Cables (India) Limited Rajpura ....Appellant ...Respondent Coram: Hon'ble Mr. Justice Adarsh Kumar GoelHon'ble Mr. Justice Rajesh Bindal Present: Mr. Tejinder K. Joshi, Advocate for the appellant. Mr. Pankaj Jain, Advocate, for the respondent. Rajesh Bindal,J. The Income Tax Appellate Tribunal, Chandigarh Bench, Chandigarh(hereinafter to be referred as “the Tribunal”) on direction of this court has referredthe following question of law for opinion under Section 256 (2) of the Income TaxAct, 1961 (for short, “the Act”) arising out of its order dated 15.5.1986 in R. A.No. 138 of 1986 arising out of I. T. A. No. 900 of 1984, in respect of theassessment year 1978-79:- “1. Whether on the facts and in the circumstances of thecase, the Appellate Tribunal is right in law in allowinginitial depreciation on cooperative store and dairywhich items have not been specifically mentioned insection 32 (1) (iv) of the Income Tax Act, 1961?” A perusal of paper-book shows that the amount of depreciationinvolved in the present case is merely ` 12,966/-, as referred to in para 8 of theorder by the Commissioner of Income Tax (Appeals), Chandigarh. The tax effectwill further be quite meager and the assessment year is 32 years old. Consideringthe aforesaid facts, we return the question unanswered. The reference is disposed of accordingly. (Rajesh Bindal)Judge 24.9.2010 vs (Adarsh Kumar Goel)Judge