COMMISSIONER OF INCOME-TAX v. J. K. INDUSTRIES LTD

Last updated: 07 September 2007

Court :
HIGH COURT OF CALCUTTA

Brief :
By this reference application made under section 256(1) of the IT Act, 1961, the Tribunal has referred the following questions for our opinion : For asst. yrs. 1978-79 and 1979-80 "Whether, on the facts and in the circumstances of the case, the Tribunal was justified in upholding the direction of the learned CIT(A) to withdraw the depreciation on assets allowed by the AO, though not claimed by the assessee." For asst. yr. 1979-80 "Whether, on the facts and in the circumstances of the case, the Tribunal was justified in upholding the order of the learned CIT(A) directing the computation of capital gain/loss on the sale of assets either by taking into consideration the original cost of the assets or their W.D.V. after giving effect to his appellate order (i.e. withdrawing depreciation) ?"

Citation :
Agarwal, for the Revenue : Dr. Pal, for the Assessee