- (1.) HEARD the learned counsel for the applicant Sri Pradeep Agarwal and Sri S.M.K. Chaudhary for the assessee.
(2.) THESE are two references under section 256(2) of the Income Tax Act challenging the assessment orders passed in income -tax appeal by the Income Tax Appellate Tribunal for the assessment year 1986 -87 decided vide order dated 22 -4 -1998. The assessee is a registered firm. The two points, which became subject matter of consideration before the Commissioner, Income Tax (Appeals) as well as the Income Tax Appellate Tribunal are to the following effect: (i) whether the assessee was entitled to 100 per cent depreciation on shuttering material; and (ii) whether relief of Rs. 21,100 being the disallowance out of interest for not charging adequate interest from the sister concern i.e., M/s. Poonam Biscuits has rightly been given.
(3.) IN respect to the 100 per cent depreciation on shuttering material, the parties no more dispute that the matter is covered by the judgment in Harijan Evam Nirbal Varg Avas Nigam Ltd. v. CIT : [1998]229ITR776(All) and, therefore, the said depreciation has rightly been given to the assessee.;