- (1.) THIS Income Tax Reference under Section 256(1) of the Income Tax Act was received from the Income Tax Appellate Tribunal, Jaipur Bench, Jaipur on 30.01.1990, to decide the following question of law: - "Whether on the facts and in the circumstances of the case and in law, the Tribunal was justified in holding that the amount of subsidy is not to be deducted from the value of assets for the purpose of depreciation -
(2.) LEARNED counsel appearing for the Official Liquidator informs that M/s.Bhilwara Wooltex Pvt.Ltd., Bhilwara was wound up by an order passed by this Court on 03.07.1992, on which an Official Liquidator was appointed to act as Liquidator of the Company. The entire assets of the Company have been sold, and that, the creditors have been paid off.
(3.) THE question of law, in our opinion, is specific to the Company, and will not affect the assessment to be made, in respect of the Company, in future. The tax effect, of the decision of the reference is also very low, and considering the fact that the question of law is not of a nature, which may require decision, for any general application, the Income Tax Reference and returned unanswered.;