- (1.) ON an application filed under S. 256(1) of the IT Act, 1961, the Tribunal has referred the following question for the opinion of this Court : "Whether, on the facts and in the circumstances of the case the Appellate Tribunal was justified in holding that the hotel building used by the assessee was a 'Plant' and depreciation was admissible treating the hotel building as a 'plant'?"
(2.) AT the outset learned counsel for the assessee Mr. Mehta, learned Advocate General admits that the issue has now been concluded by the Hon'ble apex Court in the case of CIT vs. Anand Theatres (2000) 160 CTR (SC) 492 : (2001) 244 ITR 192 (SC), wherein their lordships held that theatre and hotel buildings specially equipped for purpose of business are not entitled for the depreciation as they are not plant within the meaning of S. 43(3) of the IT Act. Following the view taken by their lordships, we answer the question in negative i.e., in favour of the Revenue and against the assessee. Reference so made stands disposed of accordingly.;