1991 (3) TMI 76 - HC - Income Tax

Summary

The High Court of Madhya Pradesh rejected an application under section 256(2) of the Income-tax Act, 1961, by the Commissioner of Income-tax, Bhopal, regarding the deductibility of capital subsidy from the actual cost of assets for depreciation. The Tribunal's decision was based on a previous ruling of the High Court, and the application was rejected in line with this precedent. No referable question was found to survive, and the application was dismissed with no order as to costs.