International Computers Indian Manufacture Ltd. v. CIT

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The Tax PublishersIncome Tax Reference No. 388 of 1997 2015 TaxPub(DT) 0994 (Bom-HC) : (2015) 374 ITR 0243 : (2015) 276 CTR 0057 : (2015) 117 DTR 0024 IN THE BOMBAY HIGH COURT M.S. SANKLECHA AND G.S. KULKARNI, JJ. International Computers Indian Manufacture Ltd. v. CIT Income Tax Reference No. 388 of 1997 12 March, 2015 A.Y. 1980-81 & 1981-82 Appellant by: Mr. Harinder Toor with Ms. Madhura Kulkarni i/b. Crawford Bayley & Co. Respondent by: Ms. Suresh Kumar ORDER *G.S. Kulkarni, J.* By this Income Tax Reference under section 256(1) of the Income Tax Act, 1961 (for short 'the Act'), the Income Tax Appellate Tribunal (Tribunal) has referred the following questions of law for decision of this Court: - '(I) Whether on the facts and in the circumstances of the case, the Tribunal was justified in law in not granting depreciation on a part of issue of shares capitalised to Plant & Machinery and factory equipment Rs. 29,668? (II) Whether on the facts and in the circumstances of the case, the Tribunal was justified in law in not granting depreciation of Rs. 1,97,636 on the cost of issue of shares capitalised to plant and machinery and factory equipment Rs. 29,668 and Rs. 9,79,438 towards capital work-in-progress?' SUBSCRIBE FOR FULL CONTENT

The Tax PublishersIncome Tax Reference No. 388 of 1997
2015 TaxPub(DT) 0994 (Bom-HC) : (2015) 374 ITR 0243 : (2015) 276 CTR 0057 : (2015) 117 DTR 0024

IN THE BOMBAY HIGH COURT

M.S. SANKLECHA AND G.S. KULKARNI, JJ.

International Computers Indian Manufacture Ltd. v. CIT

Income Tax Reference No. 388 of 1997

12 March, 2015 A.Y. 1980-81 & 1981-82

Appellant by: Mr. Harinder Toor with Ms. Madhura Kulkarni i/b. Crawford Bayley & Co.

Respondent by: Ms. Suresh Kumar

ORDER

G.S. Kulkarni, J.

By this Income Tax Reference under section 256(1) of the Income Tax Act, 1961 (for short 'the Act'), the Income Tax Appellate Tribunal (Tribunal) has referred the following questions of law for decision of this Court: -

'(I) Whether on the facts and in the circumstances of the case, the Tribunal was justified in law in not granting depreciation on a part of issue of shares capitalised to Plant & Machinery and factory equipment Rs. 29,668?

(II) Whether on the facts and in the circumstances of the case, the Tribunal was justified in law in not granting depreciation of Rs. 1,97,636 on the cost of issue of shares capitalised to plant and machinery and factory equipment Rs. 29,668 and Rs. 9,79,438 towards capital work-in-progress?'