https://www.taxtmi.com/caselaws?id=17343 The High Court upheld the Income-tax Appellate Tribunal's decision to allow 30% depreciation on rig and air compressor used in drilling of tubewells, ruling in favor of the assessee based on precedents. Additionally, the Court affirmed the assessee's eligibility for investment allowance under section 32A of the Income-tax Act, considering drilling operations as constituting an industrial undertaking. The judgment favored the assessee on both issues, aligning with previous decisions and granting them entitlement to both allowances under the Income-tax Act. en-us Wed, 31 Jul 1996 00:00:00 +0530 Mon, 21 Sep 2009 16:47:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17343 The High Court upheld the Income-tax Appellate Tribunal's decision to allow 30% depreciation on rig and air compressor used in drilling of tubewells, ruling in favor of the assessee based on precedents. Additionally, the Court affirmed the assessee's eligibility for investment allowance under section 32A of the Income-tax Act, considering drilling operations as constituting an industrial undertaking. The judgment favored the assessee on both issues, aligning with previous decisions and granting them entitlement to both allowances under the Income-tax Act. Case-Laws Income Tax Wed, 31 Jul 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17343