Assessee denied special depreciation rate for drilling equipment, Revenue prevails.

The High Court of Madras held that the assessee was not entitled to claim depreciation at a special rate of 30% for rigs and compressors used for drilling borewells, following precedent set in CIT v. Popular Borewell Service. The ruling favored the Revenue, with no costs awarded.

---

---

The High Court of Madras ruled that the assessee is not entitled to depreciation at a special rate of 30% for rigs and compressors used for drilling borewells. The decision was based on a previous case (CIT v. Popular Borewell Service) and was in favor of the Revenue. No costs were awarded.

---