AGK AGK AGK 1 IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX REFERENCE NO.749 OF 1998 The Commissioner of Income Tax Bombay City - VI, Bombay .. Applicant. V/s. M/s.Snap Natural & Alginate Products Ltd. Bombay .. 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 the subsidy received by the assessee from the Government cannot be deducted from the original cost of fixed assets for the purpose of allowing depreciation and deduction u/s.80-J ? 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. **********