https://www.taxtmi.com/caselaws?id=10592 The High Court ruled in favor of the Revenue, determining that the appropriate rate of depreciation for ice factory machinery should be 10 per cent, not 15 per cent as granted by the Tribunal. The court held that the higher rate of depreciation could only apply to machinery explicitly listed in the depreciation schedule, rejecting the precedent set by the Punjab and Haryana High Court. Consequently, the court sided with the Revenue, denying the assessee's claim for a 15 per cent depreciation rate on the ice manufacturing machinery. en-us Wed, 10 Nov 2004 00:00:00 +0530 Mon, 13 Jun 2011 19:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10592 The High Court ruled in favor of the Revenue, determining that the appropriate rate of depreciation for ice factory machinery should be 10 per cent, not 15 per cent as granted by the Tribunal. The court held that the higher rate of depreciation could only apply to machinery explicitly listed in the depreciation schedule, rejecting the precedent set by the Punjab and Haryana High Court. Consequently, the court sided with the Revenue, denying the assessee's claim for a 15 per cent depreciation rate on the ice manufacturing machinery. Case-Laws Income Tax Wed, 10 Nov 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10592