Commissioner of Income Tax vs General Electronic Haryana (P.) Ltd.

At the instance of the Revenue, the following question has been referred for opinion of this court by the Income Tax Appellate Tribunal, Delhi Bench (in short, "the Tribunal"), u/s 256(1) of the Income Tax Act, 1961 (in short "the Act") :

"1. Whether, on the facts and in the circumstances of the case, the Tribunal was correct in law in holding that the assessed-company was entitled to depreciation u/s 32(1) in respect of the building which was used for the purpose of its business and which it had acquired on dissolution of the erstwhile partnership of which the assessed was a partner though the building is not registered in the assessed''s name ?"

The dispute relates to the assessment year 1975-76.

The essence of the dispute is evident from the question itself. We need not go into the factual aspects in detail in view of the fact that the issue involved has been squarely dealt with by the apex court in M/s Mysore Minerals Limited, M.G. Road, Bangalore Vs. The Commissioners of Income Tax, Karnataka, Bangalore, . We accordingly answer the question in the affirmative, in favor of the assessed and against the Revenue.