JUDGMENT

B.P. Jeevan Reddy, J.-This appeal is preferred by the assessee on the basis of a certificate of fitness issued by the Calcutta High Court under Section 66A(2) of the Indian Income Tax Act, 1922 (the Act). Three questions were referred under Section 66(2) of the Act at the instance of the Revenue. The questions are :

"1. Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that the assessee was entitled to get depreciation allowance under Rule 8 of the Income-tax Rules even in respect of ships which had formed part of the assessee s fleet for more than twenty year ?

2. Whether, on the facts and in the circumstances of the case, the Tribunal was right in deleting the addition of Rs. 55,280/- made by the Appellate Assistant Commissioner on account of excess depreciation in respect of the vessel Tortugas ?

3. Whether, on the facts and in the circumstances of the case, the Tribunal was justified in law in deleting the enhancement of Rs. 97,547/- to the total income made by the Appellate Assistant Commissioner on account of wrong deduction of unabsorbed depreciation allowed by the Incom