1997 (12) TMI 8

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....ourt, for its opinion under s. 256(1) of the IT Act, 1961. The question is : "Whether, on the facts and in the circumstances of the case, the pontoons and tugs are covered by the expression 'ship' and therefore, are entitled to development rebate at a higher rate of 40 per cent instead of 25 per cent on the basis of plant ?" 2. Sec. 32 of the Act deals with the depreciation of buildings, mac....

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....sels with wooden hull; (ii) Dredgers, tugs, barges, survey launches and other similar ships used mainly for dredging purposes; (iii) Other ships 2. Vessels ordinarily operating on inland waters : (i) Speed boats; (ii) Other vessels." This definition makes it clear that ships would include tugs. There cannot be any dispute as to that. However, 'pontoons' have not been specifica....