Law:

Section:

JUDGMENT S.K. Desai, J.-The question referred to this High Court by the Income-tax Appellate Tribunal, Bombay Bench 'C', under s. 256(1) of the I.T. Act, 1961, is as follows: "Whether on a proper interpretation of sections 43(1) and 43(6)( b) of the Income-tax Act, 1961, in arriving at the actual cost/written down value of assets, which were in existence when the new Act came into force, any adjustment should be made on account of contributions paid by customers other than Government and public or local authorities, when such adjustment was not required to be made when the actual cost/written down value was determined for the first time under the repealed Act?" The counsel for both the sides are…

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