https://www.taxtmi.com/caselaws?id=27273 The Tribunal directed the Income Tax Officer to consider admissibility of depreciation and development rebate as per Circulars issued by the Central Board of Direct Taxes. The High Court upheld this decision, emphasizing the binding nature of Circulars on income-tax authorities. Additionally, the Tribunal's ruling on including the value of machinery in the computation of capital employed under section 84 was affirmed by the High Court, based on the ownership principle established for depreciation and rebate purposes. The judgment favored the assessee, resolving uncertainties related to machinery purchased on hire-purchase agreements. en-us Mon, 18 Mar 1985 00:00:00 +0530 Thu, 11 Feb 2010 17:35:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27273 The Tribunal directed the Income Tax Officer to consider admissibility of depreciation and development rebate as per Circulars issued by the Central Board of Direct Taxes. The High Court upheld this decision, emphasizing the binding nature of Circulars on income-tax authorities. Additionally, the Tribunal's ruling on including the value of machinery in the computation of capital employed under section 84 was affirmed by the High Court, based on the ownership principle established for depreciation and rebate purposes. The judgment favored the assessee, resolving uncertainties related to machinery purchased on hire-purchase agreements. Case-Laws Income Tax Mon, 18 Mar 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27273