https://www.taxtmi.com/caselaws?id=57713 The Tribunal allowed the appeal filed by the assessee, setting aside the CIT's order denying depreciation at a higher rate of 15% for furnaces used in manufacturing Ferro-silicon and Pig Iron. The Tribunal determined that the furnaces qualified as machine tools under specific entries in the Depreciation Schedule, justifying the higher depreciation rate due to their contact with corrosive substances during the smelting process. The Tribunal concluded that the assessee's business involved smelting, not melting, and that the furnaces indeed came into contact with corrosive chemicals, entitling the assessee to depreciation at the higher rate of 15%. en-us Fri, 24 Feb 1984 00:00:00 +0530 Mon, 13 Dec 2010 11:18:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57713 The Tribunal allowed the appeal filed by the assessee, setting aside the CIT's order denying depreciation at a higher rate of 15% for furnaces used in manufacturing Ferro-silicon and Pig Iron. The Tribunal determined that the furnaces qualified as machine tools under specific entries in the Depreciation Schedule, justifying the higher depreciation rate due to their contact with corrosive substances during the smelting process. The Tribunal concluded that the assessee's business involved smelting, not melting, and that the furnaces indeed came into contact with corrosive chemicals, entitling the assessee to depreciation at the higher rate of 15%. Case-Laws Income Tax Fri, 24 Feb 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57713