IN THE HIGH COURT OF JUDICATURE AT BOMBAY IN THE HIGH COURT OF JUDICATURE AT BOMBAY IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORDINARY ORDINARY ORIGINAL CIVIL JURISDICTION ORIGINAL CIVIL JURISDICTION ORIGINAL CIVIL JURISDICTION INCOME TAX REFERENCE NO.250 OF 1998 INCOME TAX REFERENCE NO.250 OF 1998 INCOME TAX REFERENCE NO.250 OF 1998 The Commissioner of Income-tax ..Applicant. V/s. M/s.Kingsveld Pharma Pvt. Ltd. ..Respondent. Mr.A.S.Rao for applicant. CORAM : V.C. DAGA AND CORAM : V.C. DAGA AND CORAM : V.C. DAGA AND J.P.DEVADHAR, JJ. J.P.DEVADHAR, JJ. J.P.DEVADHAR, JJ. DATED : 15TH MARCH, 2005. DATED : 15TH MARCH, 2005. DATED : 15TH MARCH, 2005. P.C. :- P.C. :- P.C. :- 1. The Income Tax Tribunal has referred under mentioned question for the opinion of this Court reading as under :- " On the facts and in the circumstances of the case whether the Tribunal was right in law in holding that depreciation and investment allowance are allowable on plant and machinery without reducing from their cost the central subsidy revived ? " 2. The above question has already been answered by the Apex Court in the case of C.I.T. V/s. P.J. C.I.T. V/s. P.J. C.I.T. V/s. P.J. Chemicals Ltd. [(1994) 210 I.T.R. 830 (S.C.) Chemicals Ltd. [(1994) 210 I.T.R. 830 (S.C.) Chemicals Ltd. [(1994) 210 I.T.R. 830 (S.C.) in the affirmative i.e. in favour of the assessee and against the revenue. In this view of the matter, reference stands disposed of in terms of that Judgment with no order as to costs. (V.C. DAGA, J.) (V.C. DAGA, J.) (V.C. DAGA, J.) (J.P.DEVADHAR, J.) (J.P.DEVADHAR, J.) (J.P.DEVADHAR, J.)