https://www.taxtmi.com/caselaws?id=173792 Machinery purchased under the Textiles Upgradation Fund Scheme and used for embroidery work was treated as eligible for higher depreciation at 50% under the relevant depreciation entry in Appendix I to the Income-tax Rules. The Tribunal examined the TUFS resolution, departmental circulars and certificates indicating that fabric embroidery machines were covered by the scheme, and followed earlier coordinate bench rulings on identical facts in the absence of any contrary jurisdictional or higher court decision. On that basis, the machinery was held to fall within the TUFS-based depreciation category, and the Revenue's objection failed. en-us Mon, 23 Apr 2012 00:00:00 +0530 Thu, 22 Jun 2017 17:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=173792 Machinery purchased under the Textiles Upgradation Fund Scheme and used for embroidery work was treated as eligible for higher depreciation at 50% under the relevant depreciation entry in Appendix I to the Income-tax Rules. The Tribunal examined the TUFS resolution, departmental circulars and certificates indicating that fabric embroidery machines were covered by the scheme, and followed earlier coordinate bench rulings on identical facts in the absence of any contrary jurisdictional or higher court decision. On that basis, the machinery was held to fall within the TUFS-based depreciation category, and the Revenue's objection failed. Case-Laws Income Tax Mon, 23 Apr 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=173792