https://www.taxtmi.com/caselaws?id=24835 The High Court affirmed the Income-tax Appellate Tribunal's decision allowing a partnership firm engaged in drilling borewells to claim 30% depreciation on rig and compressor used for drilling, considering the rig as earth-moving machinery under the Depreciation Schedule. Additionally, the High Court held that the firm was eligible for the investment allowance deduction under section 32A of the Income-tax Act, as drilling operations resulting in the production of underground water constituted manufacturing or production, meeting the requirements of the provision. en-us Thu, 11 Feb 1988 00:00:00 +0530 Fri, 22 Jan 2010 16:37:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24835 The High Court affirmed the Income-tax Appellate Tribunal's decision allowing a partnership firm engaged in drilling borewells to claim 30% depreciation on rig and compressor used for drilling, considering the rig as earth-moving machinery under the Depreciation Schedule. Additionally, the High Court held that the firm was eligible for the investment allowance deduction under section 32A of the Income-tax Act, as drilling operations resulting in the production of underground water constituted manufacturing or production, meeting the requirements of the provision. Case-Laws Income Tax Thu, 11 Feb 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24835