1981 (8) TMI 15 - HC - Income Tax

Summary

The High Court of Bombay, in a judgment delivered by Judges S. K. Desai and D. M. Rege, answered a question referred by the Income-tax Appellate Tribunal regarding adjustments in actual cost/written down value of assets under the Income-tax Act, 1961. The court relied on a previous decision and ruled in favor of the Revenue. Each party was directed to bear their own costs. (Case citation: 1981 (8) TMI 15 - BOMBAY High Court)