IN THE HIGH COURT OF GUJARAT AT AHMEDABAD INCOME TAX REFERENCE No 14 of 1987 For Approval and Signature: Hon'ble MR.JUSTICE A.R.DAVE and Hon'ble MR.JUSTICE D.A.MEHTA ============================================================ 1. Whether Reporters of Local Papers may be allowed : NO to see the judgements? 2. To be referred to the Reporter or not? : NO 3. Whether Their Lordships wish to see the fair copy : NO of the judgement? 4. Whether this case involves a substantial question : NO of law as to the interpretation of the Constitution of India, 1950 of any Order made thereunder? 5. Whether it is to be circulated to the Civil Judge? : NO @ FABRIQUIP PVT. LTD. Versus COMMISSIONER OF INCOME TAX -------------------------------------------------------------- Appearance: NOTICE SERVED for the Petitioner MR AKIL QURESHI for MR MANISH R BHATT for Respondent No. 1 CORAM : MR.JUSTICE A.R.DAVE and MR.JUSTICE D.A.MEHTA Date of decision: 28/06/2001 ORAL JUDGEMENT (Per : MR.JUSTICE A.R.DAVE) At the instance of the applicant-assessee, the following question has been referred to this Court for its opinion under the provisions of sec. 256(1) of the Income-tax Act, 1961 (hereinafter referred to as 'the Act') : "Whether, on the facts and in the circumstances of the case, the Tribunal was justified in law in holding that invstment allowance amounting to Rs. 15,769/- was not to be allowed specialy when the assessee had assigned the entire undertaking and not the individual assets belonging to it?" 2. We have heard learned advocate Shri R.K. Patel appearing for the applicant-assessee and learned advocate Shri Akil Qureshi for the revenue. 3. At the time of hearing of this application, the learned advocates have fairly submitted that the question which has been referred to this Court has been now answered by this Court in case of Kalindi Investments Pvt. Ltd. v. CIT, 213 ITR 207. 4. In view of the law laid down by this Court in the judgment referred to hereinabove, we answer the question in the affirmative, i.e., against the assessee and in favour of the revenue. The reference stands disposed of accordingly with no order as to costs. (A.R. Dave, J.) (D.A. Mehta, J.) (hn)