2001 (12) TMI 879

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.... the circumstances of the case, the Tribunal was right in law in upholding the decision of the Dy. Commissioner (Appeals) cancelling the order under section 154 passed by the Assessing Officer restricting the rate of depreciation in respect of rigs and compressors in the light of the Madras High Court's decision in the case of CIT v. Tamil Nadu Agro Industries Corpn. [1991] 192 ITR 108 ." 2.....

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....ITR 108 (Mad.) held that the depreciation allowable in such cases in only 15 per cent. 4. Counsel for the revenue submitted that in the light of the decision of this Court, though rendered subsequently, it must be held that there was an error apparent in the original assessment and, therefore, the rectification was required to be upheld. 5. This Court in the case of Dr. Rajah Sir M.A. Muthiah Ch....