Cit vs General Electronics Haryana (P) ...
2001 Latest Caselaw 1069 Del

ORDER

At the instance of the revenue, the following question has been referred for opinion of this court by the Tribunal, Delhi Bench, under section 256(1) of the Income Tax Act, 1961 (hereinafter referred to as the Act):

" 1. Whether, on the facts and in the circumstances of the case, the Tribunal was correct in law in holding that the assessed-company was entitled to depreciation under section 32(1) of the Income Tax Act, 1961, in respect of the building which was used for the purpose of its business and which it had acquired on dissolution of the erstwhile partnership of which the assessed was a partner though the building is not registered in assessed's name ?"

The dispute relates to the assessment year 1975-76.

2. Essence of dispute is evident from the question itself. We need not go in the factual aspect in detail in view of the fact that the issue involved has been squarely dealt with by the Apex Court in Mysore Minerals Ltd. v. CIT (1999)239 ITR 775(SC). We accordingly answer the question in the affirmative in favor of the assessed and against the revenue.

2. Essence of dispute is evident from the question itself. We need not go in the factual aspect in detail in view of the fact that the issue involved has been squarely dealt with by the Apex Court in Mysore Minerals Ltd. v. CIT (1999)239 ITR 775(SC). We accordingly answer the question in the affirmative in favor of the assessed and against the revenue.