https://www.taxtmi.com/caselaws?id=10593 An electric furnace was treated as a machine tool for depreciation purposes, and depreciation at 15% was allowed to the assessee. The High Court noted that an identical reference for the preceding assessment year had already been declined, and the Revenue's section 256(2) petition had been dismissed without any reversal of that position. On that basis, the question was answered in the affirmative and in favour of the assessee, confirming eligibility to the higher depreciation rate as a machine tool. en-us Thu, 10 Feb 2005 00:00:00 +0530 Sun, 19 Jul 2009 12:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10593 An electric furnace was treated as a machine tool for depreciation purposes, and depreciation at 15% was allowed to the assessee. The High Court noted that an identical reference for the preceding assessment year had already been declined, and the Revenue's section 256(2) petition had been dismissed without any reversal of that position. On that basis, the question was answered in the affirmative and in favour of the assessee, confirming eligibility to the higher depreciation rate as a machine tool. Case-Laws Income Tax Thu, 10 Feb 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10593