Law:

Section:

Section 256 of the Income-tax Act, 1961 - High Court - Reference of - Assessment year 1977-78 Reference was to be returned unanswered where tax effect was insubstantial [In favour of assessee] Reference was to be returned unanswered where tax effect was insubstantial. Sanjeev Sabharwal for the Commissioner. P.N. Monga and Manu Monga for the Assessee. JUDGMENT A.K. Sikri, J.- The question is as to whether the assessee should have been allowed depreciation at 15 per cent, on plants used in manufacturing of cement and packaging of cement, etc., or at 10 percent, as done by the Assessing Officer. The Income-tax Appellate Tribunal allowed the depreciation at 15 per cent, as was done in the previous year as well. This is clear from the following: "Here we find that this issue was considered by the Tribunal in the assessee's own case in earlier year. The Commissioner…

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