1998 (12) TMI 52

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..... rt for its opinion arising out of the appellate order in ITA No. 726/Ahd. of 1981 for the assessment year 1976-77. The two questions referred at the instance of the Revenue and another question referred to this court at the instance of the assessee, respectively are as under At the instance of the Commissioner of Income-tax--- "(i) Whether, on the facts and in the circumstances of the case, t .....

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..... y of the assessee at the material time consisted of purchase of grey cloth, colour, chemicals, etc., and subjecting that cloth to bleaching, dyeing, printing, calendering, starching and then selling it as finished products like "printed chhint" by claiming that the assessee is engaged in the business of manufacturing textiles and is entitled to claim deduction of initial depreciation under section .....

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..... the assessee on the facts found by the Tribunal must be held to be engaged in the business of manufacture of textiles and was entitled to initial depreciation. In view of our answers to questions Nos. 1 and 2, the question raised and referred it the instance of the assessee has become of academic importance which we decline to answer. No order as to costs. - - TaxTMI - TMITax - I .....

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