CENTRAL INDIA MACHINERY MANUFACTURING CO. LTD. vs COMMISSIONER OF — 1971 PTD 861

Citation: 1971 PTD 861

Court: Madhya Pradesh High Court

Year: 1970

Decision Date: 1970-12-31

Parties: CENTRAL INDIA MACHINERY MANUFACTURING CO. LTD. vs COMMISSIONER OF JUDGMENT

Headnotes

Case cited as 1971 PTD 861

Judgment Text

Court Name: Madhya Pradesh High Court Judge(s): G. P. Singh, P. V. Dixit Title:CENTRAL INDIA MACHINERY MANUFACTURING CO. LTD. vs COMMISSIONER OF JUDGMENT Reported As: 1971 PTD 861 Result: Question answered in the negative Judgment JUDGMENT DIXIT C. J.-This consolidated reference under section 27(1) of the Wealth Tax Act, 1957 (hereinafter referred to as the "Act"), by the Appellate Tribunal at the instance of the assessee, Central India Machinary Manufacturing Co. Ltd., Gwalior, arises out of the Tribunal's orders disposing of the assessee's appeals arising out of the wealth tax assessment proceedings for the years 1957-58 and 1958-59. The question which the Tribunal has placed before us for decision and which is common to the two references is as follows: "Whether, on the facts and in the circumstances of the case, the initial and additional depreciation granted under sec--tions 10(2)(vi)(a), (b), (c) and 10(2)(via) should be allowed for computing the not wealth of the assessee?" The material facts are that the assessee carries on the business of manufacturing automatic looms for textile industry and other machinery components used in weaving and finishing processes in textile industry. In the balance-sheets of the company, valuation of assets as on the valuation date was shown at Rs. 98,94,881 for the assessment year 1957-58 and Rs. 1,14,36,560 for the assess--ment year 1958-59. In the balance-sheets the assessee had made no deduction on account of depreciation. The…

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