https://www.taxtmi.com/caselaws?id=14071 The High Court of Madhya Pradesh affirmed the Income-tax Appellate Tribunal's decision to allow 30% depreciation on rig and compressor used in boring wells for the assessee-firm engaged in drilling borewells. The court concurred with the Tribunal's interpretation that the drilling equipment qualified as "construction equipment," justifying the higher depreciation rate. The court dismissed the unnecessary reference to the High Court and upheld the 30% depreciation allowance, citing technical literature and legal provisions to support the decision. en-us Wed, 11 Apr 2001 00:00:00 +0530 Mon, 13 Jul 2009 13:26:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14071 The High Court of Madhya Pradesh affirmed the Income-tax Appellate Tribunal's decision to allow 30% depreciation on rig and compressor used in boring wells for the assessee-firm engaged in drilling borewells. The court concurred with the Tribunal's interpretation that the drilling equipment qualified as "construction equipment," justifying the higher depreciation rate. The court dismissed the unnecessary reference to the High Court and upheld the 30% depreciation allowance, citing technical literature and legal provisions to support the decision. Case-Laws Income Tax Wed, 11 Apr 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14071