https://www.taxtmi.com/caselaws?id=17976 The High Court ruled in favor of the firm, allowing a depreciation allowance of 30 per cent. on rigs used for drilling borewells. The court held that the rigs fell under the specific item for earthmoving machinery, not the general item for machinery and plant depreciation. The decision was based on interpreting the Depreciation Schedule, previous case law, and distinguishing between general machinery depreciation and specific allowances for earthmoving equipment. The court rejected the Revenue's argument and affirmed the firm's entitlement to the higher depreciation rate. en-us Thu, 29 Aug 1996 00:00:00 +0530 Sat, 26 Sep 2009 10:29:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17976 The High Court ruled in favor of the firm, allowing a depreciation allowance of 30 per cent. on rigs used for drilling borewells. The court held that the rigs fell under the specific item for earthmoving machinery, not the general item for machinery and plant depreciation. The decision was based on interpreting the Depreciation Schedule, previous case law, and distinguishing between general machinery depreciation and specific allowances for earthmoving equipment. The court rejected the Revenue's argument and affirmed the firm's entitlement to the higher depreciation rate. Case-Laws Income Tax Thu, 29 Aug 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17976