1965 (3) TMI 94

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ssee is entitled to depreciation at 10% turns on the interpretation of rule 8 of the Indian Income Tax Rules, 1922. On that matter, the Income Tax Officer and the Tribunal have taken one view differing from the Appellate Assistant Commissioner, who had held that the assessee would be entitled to depreciation only at 5%. The assessee is an electric supply corporation in Tiruchirapalli District and ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....was of the following opinion : We consider that there is validities in contention on behalf of the assessee that as it (assessee) is an electric supply undertaking, clause E would apply. The overhead cables and wires referred to in item (v) in clause C would, in our opinion, refer to such cables and wires as are connected with electric machinery. So long as "overhead cables and wires" could als....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ant, we have a general rate provided as also special rates to be applied to the whole of the machinery land plant used in certain specified concerns. Clause III makes provision for further special rates under clause (3) of this entry. This applies to special rates to be applied to other machinery and plant. Under this category, clause C pertains to electric machinery and this entry mentions six it....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ery in clause E should be read as excluding from its scope overhead cables and wires. The use of the expression "electric plant, machinery, boilers" in clause E appears to have been made in a comprehensive sense so as to include parts of the plant as well as electric machinery. Clause E seems to be in the nature of an exception to clause C and where it concerns electric supply undertaking, a conso....