1. ' SALEEM AKHTAR, J.--The respondent is a foreign shipping company which carries on shipping business all over the world. In respect of assessment year 1960-61, it had claimed initial and additional depreciation. This was not allowed on the ground that the respondent's ships were not installed in Pakistan. In appeal the Income Tax Appellate Tribunal allowed the claim of the respondent. The applicant filed an application under section 66 (1) of the Income Tax Act for referring the following question to this Court: "Whether on the facts and in the circumstances of the case the Income Tax Appellate Tribunal was justified in holding that the assessee was entitled to initial and additional depreciation on the ships which were not installed in Pakistan."
2. ' This application was dismissed and the applicant has filed application under section 66 (2) of the Income Tax Act for considering the same question. The learned counsel for the parties have pointed out that this question stands settled by the Judgment in Commissioner of Income Tax, Karachi. v. M/s. Shenniehen Steamship Co. Ltd. PLD 1985 SC 118. Similar question arose in I.T.C.
3. 120/71 Commissioner of Income Tax v. Union of Burma Five Stars Line Corporation in which following the judgment of Supreme Court we have answered the question in the affirmative. This question has already been conclusively settled by the judgment of the Supreme Court and various judgments of this Court. We therefore dismiss the application.