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2003 (1) TMI 90 - HC - Income Tax"(1) Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was correct in law in holding that the depreciation allowed at the rate of 15 per cent. on generator in the original assessment could not be said to have been wrongly allowed? - (2) Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was correct in law in holding that the subsidy amounting to Rs. 37,670 receivable by the assessee from the U.P. Finance Corporation was not deductible from the cost of the generator amounting to Rs. 1,72,770 for working out the depreciation admissible on the generator?" - question No. 1 is answered in the affirmative, i.e., against the Department and in favour of the assessee. - question No. 2 is answered in the affirmative, that is, against the Department and in favour of the assessee.
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