https://www.taxtmi.com/caselaws?id=67133 The Tribunal dismissed the Department's appeals regarding the depreciation rate on plant and machinery and the justification of interest charged under section 217(1A). It upheld the CIT(A)'s decisions in favor of the assessee, allowing 15% depreciation due to exposure to corrosive chemicals and deleting the interest charged as the conditions under section 217(1A) were not met. The Tribunal emphasized the significance of evidence and legal provisions in reaching its conclusions, ultimately ruling in favor of the assessee in both instances. en-us Fri, 29 Nov 1991 00:00:00 +0530 Wed, 09 Mar 2011 12:14:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67133 The Tribunal dismissed the Department's appeals regarding the depreciation rate on plant and machinery and the justification of interest charged under section 217(1A). It upheld the CIT(A)'s decisions in favor of the assessee, allowing 15% depreciation due to exposure to corrosive chemicals and deleting the interest charged as the conditions under section 217(1A) were not met. The Tribunal emphasized the significance of evidence and legal provisions in reaching its conclusions, ultimately ruling in favor of the assessee in both instances. Case-Laws Income Tax Fri, 29 Nov 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67133