TaxTMI 
TaxTMI 
2001 (2) TMI 115
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....holding that the diesel generating set costing Rs. 6,50,440 is entitled to depreciation under section 32(1)(vi) of the Income-tax Act, 1961, for the assessment year 1975-76 ? (2) whether, on the facts and in the circumstances of the case, the Tribunal was justified in law in directing the Income-tax Officer to allow the assessee's claim for depreciation under section 32(1)(vi) of the Income-tax Act, 1961, in respect of machinery for manufacture of gears under item No. 10, 'machine tools' in the Ninth Schedule to the Income-tax Act, 1961?" The dispute relates to the assessment year 1975-76. The relevant previous year ended on December 31, 1974. The background facts, in a nutshell, are as follows : The assessee, a public limited c....
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....ne tools", to support its claim. Reference was also made to a notification in the Gazette of India Extraordinary, dated April 14, 1976, according to which, the list of "machine tools" for the purposes of licensing policy shall include component parts of "machine tools" specified. The stand of the Revenue, on the other hand, was that both the Income-tax Officer and the Appellate Assistant Commissioner were justified in their conclusions. The Tribunal noted the details of the machinery, which were used for manufacture of gears. They were as under : "Machinery Item &n....
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....p; Rs. 8,12,974.73" --------------- Reference was also made to the notification in the Gazette of India Extraordinary, dated April 14, 1976, and the component parts of machine tools, which were specified as under : "Item ' No. 9 : Broaching machines Item No. 10 : Gear cutting and finishing machines (4) Gear shapers Item No. 19 : Machine tool accessories (4) Single spindle chucking automate....