JUDGMENT S.P. Bharucha, C.J.—The reference is made at the instance of the Revenue. It relates to the assessment year 1981-82. The question that is referred reads thus : "Whether, on the facts and in the circumstances of the case, the Appellate Tribunal is right in law in upholding the order of the Commissioner of Income Tax (Appeals) who directed the Inspecting Assistant Commissioner to include the value of capital work-in-progress and plant and machinery in transit in the computation of capital ?" 2. Counsel are agreed that the question must be answered in the affirmative and in favour of the assessee in view of the judgment of this court in Ravi Machine Tools (P.) Ltd. Vs. Commissioner of Income Tax, ILR (1978) KAR 1527 3. The question is so answered.