1991 (4) TMI 31 - HC - Income Tax

Summary

The High Court of Allahabad rejected an application under sub-section (2) of section 256 of the Income-tax Act, 1961, regarding the depreciation rate for artificial silk manufacturing machinery. The court upheld the claim of the assessee based on evidence provided and previous case law, concluding that no statable question of law arose for a reference to the Tribunal. The application was rejected with no order as to costs. (Case citation: 1991 (4) TMI 31 - ALLAHABAD High Court)