AGK AGK AGK 1 IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX REFERENCE NO.780 OF 1998 The Commissioner of Income Tax Bombay City - II, Bombay .. Applicant. V/s. M/s.Anglo American Marine Co.Ltd... Respondent. Mr.A.S. Rao i/b. Mr.Pankaj Kapoor for the applicant. CORAM : V.C. DAGA & CORAM : V.C. DAGA & CORAM : V.C. DAGA & J.P. DEVADHAR, JJ. J.P. DEVADHAR, JJ. J.P. DEVADHAR, JJ. DATED : 5TH APRIL, 2005. DATED : 5TH APRIL, 2005. DATED : 5TH APRIL, 2005. P.C. : 1. Heard learned counsel for the applicant. The Tribunal has referred question for the opinion of this Court reading as under :- Whether in the facts and in the circumstances of the case, the Tribunal was right in law in holding that for the purpose of computing the quantum of depreciation allowable to the assessee "actual cost" within the meaning of Sec. 43(1) of the Income-tax Act, 1961 should not be construed as the cost of the assets as reduced by the subsidy received from the Central Government ? 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 (SC)] Chemicals Ltd. [(1994) 210 I.T.R. 830 (SC)] Chemicals Ltd. [(1994) 210 I.T.R. 830 (SC)] 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. AGK AGK AGK 2 **********