AGK AGK AGK 1 IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX REFERENCE NO.727 OF 1998 The Commissioner of Income Tax Bombay City-III, Bombay .. Applicant. V/s. M/s.Precision Paper Tubes 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 and in view of the provisions of section 43(1), the Tribunal was right in law in holding that the amount of the subsidy should not be reduced from the value of the assets while calculating the depreciation allowable on these assets ? 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. **********