TMI Blog1998 (4) TMI 64X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee-respondent for the assessment years 1978-79 and 1979-80 have been referred to us at the instance of the Revenue. The questions of law read as under : "1. Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in holding that the assessment order for the assessment year 1978-79 allowing depreciation on assets without reducing the SIPCOT subsidy from ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by the assessee should be reduced from the actual cost of the machine for determining the depreciation. The Appellate Tribunal held that the Commissioner was not right in his view that the subsidy amount should be reduced from the actual cost of machinery and he has not exercised his powers of revision properly and the order of the Income-tax Officer was not in any way erroneous. The order of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... has correctly come to the conclusion that the Commissioner of Income-tax, on the facts of the case, had not assumed the jurisdiction properly. Accordingly, both the questions referred to us are required to be and they are answered in the affirmative against the Revenue and in favour of the assessee. The assessee will be entitled to costs in the reference of a sum of Rs. 750 (rupees seven hundred a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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