https://www.taxtmi.com/caselaws?id=17339 The Income-tax Tribunal upheld the depreciation rate of 10% for tubewells, considering them as plant and machinery essential to the manufacturing process, denying the petitioner's request for a referral on this issue. The Tribunal allowed weighted deduction under section 35B for sea freight and insurance charges but rejected it for bank interest and other expenses, citing previous decisions. The issue of weighted deduction on bank interest and forwarding charges was dismissed as no referable question of law was identified, with no costs awarded. en-us Fri, 03 May 1996 00:00:00 +0530 Mon, 21 Sep 2009 16:38:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17339 The Income-tax Tribunal upheld the depreciation rate of 10% for tubewells, considering them as plant and machinery essential to the manufacturing process, denying the petitioner's request for a referral on this issue. The Tribunal allowed weighted deduction under section 35B for sea freight and insurance charges but rejected it for bank interest and other expenses, citing previous decisions. The issue of weighted deduction on bank interest and forwarding charges was dismissed as no referable question of law was identified, with no costs awarded. Case-Laws Income Tax Fri, 03 May 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17339