2004 (11) TMI 84

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....sh Krishna J.- The Income-tax Appellate Tribunal, Allahabad, has referred the following question of law for the opinion of the court, under section 256(1) of the Income-tax Act, 1961, hereinafter referred to as "the Act". "Whether, on the facts and circumstances of the case, the Income-tax Appellate Tribunal was justified to hold that depreciation on machinery used in an ice factory is admissib....

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....allowable to the assessee on the ice factory. Heard Shri A.N. Mahajan, learned standing counsel for the Revenue. Nobody appeared for the assessee. The Tribunal followed the decision of the Punjab and Haryana High Court in the case of CIT v. Gurinder Singh Karion [1982] 133 ITR 300. The Punjab and Haryana High Court has held that the ice plant machinery's depreciation is allowable at the rate....

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....of depreciation. Item No. III of the said Appendix provides depreciation on machinery and plant (not being a ship). He submitted that on the machinery and plant (not being ship) for which no special rate has been prescribed, depreciation at the rate of 15 per cent. is allowable only with respect to such plant and machineries as specified under category "B" of Item No. III. On a careful reading of ....