1973 (7) TMI 11

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.... under the Mysore Agricultural Income-tax Act, 1957 (hereinafter called "the Act"). The petitioner is a coffee planter. For the assessment year 1967-68, he was allowed initial and ordinary depreciation allowance on a sprinkler equipment worth Rs. 64,590. The total depreciation allowance was Rs. 26,371 for the assessment year 1967-68. For the assessment year 1968-69, he was given ordinary deprecia....

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....nd which are required for the purpose of deriving the agricultural income. The said sub-section is in pari materia with section 10(2)(vi) of the Indian Income-tax Act, 1922. Sri K. Srinivasan, learned counsel for the petitioner, submitted that the view taken by the respondent that the petitioner-assessee is not the owner of the sprinkler equipment is erroneous and that in any event the matter is n....

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....at the transaction evidenced by the hire-purchase agreement was nothing more than a loan on the security of the bus. Sri H.N.Narayan, the learned High Court Government Pleader, relied on the decision in K. L. Johar & Co. v. Deputy Commissioner of Commercial Taxes, which was a case under the Madras General Sales Tax Act. In our opinion it is not necessary to express any final opinion on the questio....