https://www.taxtmi.com/caselaws?id=63538 A storage and dealing concern in vegetable oil was held not to qualify as a mineral oil concern for 30% depreciation on well-head tanks. In the absence of a statutory definition, "mineral oil" was given its ordinary meaning as oil of inorganic origin, so plant-derived vegetable oil fell outside the expression. The alternative claim for a higher allowance also failed because the tanks were used only for storage, not processing, and mere contact with fatty acids in vegetable oil did not amount to contact with corrosive chemicals in the relevant sense. The special depreciation claim was therefore rejected. en-us Fri, 20 Feb 1987 00:00:00 +0530 Mon, 31 Jan 2011 15:49:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63538 A storage and dealing concern in vegetable oil was held not to qualify as a mineral oil concern for 30% depreciation on well-head tanks. In the absence of a statutory definition, "mineral oil" was given its ordinary meaning as oil of inorganic origin, so plant-derived vegetable oil fell outside the expression. The alternative claim for a higher allowance also failed because the tanks were used only for storage, not processing, and mere contact with fatty acids in vegetable oil did not amount to contact with corrosive chemicals in the relevant sense. The special depreciation claim was therefore rejected. Case-Laws Income Tax Fri, 20 Feb 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63538