TMI Blog1989 (3) TMI 109X X X X Extracts X X X X X X X X Extracts X X X X ..... our earlier decisions. The questions posed are as under : "(1) Whether, on the facts and in the circumstances of the case, the capital value of the work-in-progress during the accounting period relevant to the assessment year 1978-79 should be taken into account for inclusion in the capital computation base for computing the deduction under section 80J of the Income-tax Act, 1961, and rule 19A( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... raised, which is with regard to capital subsidy, it has been held by us in our earlier decision in Income-tax Reference No. 22 of 1986 (CIT v. Jindal Brothers Rice Mills [1989] 179 ITR 470), decided on March 14, 1989, that the amount of subsidy received by the assessee has to be deducted from the value of the assets while working out its written down value for purposes of depreciation. In terms t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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