https://www.taxtmi.com/caselaws?id=12401 A referable question of law arose on the correct rate of depreciation for rig and compressor machinery used in bore-well drilling. The assessee claimed depreciation at 30%, while the Assessing Officer restricted it to 15%. The appellate authority restored the higher rate by treating the equipment as covered by the relevant depreciation schedule entry, and the Tribunal affirmed that view. The HC held that the dispute turned on interpretation of the depreciation entry and its application to rig and compressor mounted on a lorry for drilling operations, and therefore a question of law did arise. The reference application was allowed. en-us Thu, 10 Jan 2002 00:00:00 +0530 Wed, 24 Feb 2010 11:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12401 A referable question of law arose on the correct rate of depreciation for rig and compressor machinery used in bore-well drilling. The assessee claimed depreciation at 30%, while the Assessing Officer restricted it to 15%. The appellate authority restored the higher rate by treating the equipment as covered by the relevant depreciation schedule entry, and the Tribunal affirmed that view. The HC held that the dispute turned on interpretation of the depreciation entry and its application to rig and compressor mounted on a lorry for drilling operations, and therefore a question of law did arise. The reference application was allowed. Case-Laws Income Tax Thu, 10 Jan 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12401