1998 (10) TMI 70

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....-By these references under section 39(1) of the Maharashtra Agricultural Income-tax, Act, 1962, the Maharashtra Sales Tax Tribunal has referred the following question of law to this court for the opinion at the instance of the assessee : "Whether, on the facts and circumstances of the case and on a true and correct interpretation of section 8(6) of the Maharashtra Agricultural Income-tax Act, 1....

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....aharashtra Agricultural Income-tax Act, 1962 (for short "the Act"). These references pertain to the assessment years 1974-75 to 1978-79. The dispute referred to this court by these references pertain to allowability of depreciation on the value of land cultivated by the assessee under clause (6) of section 8 of the Act. The Tribunal has held that the assessee is not entitled to depreciation on the....

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.... above provision that depreciation is allowable only in respect of any irrigational or protective work or other capital asset constructed or acquired "for the benefit of land from which such agricultural income is derived". According to learned counsel for the assessee, land is also a capital asset of the assessee and hence it is entitled to depreciation in respect of the value thereof. This submi....

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....stion proposed by the assessee to this court on the ground that the answer thereto was self-evident. We have also considered the alternate submission of learned counsel for the assessee that "land" would fall under the residuary item of capital assets under serial No. 21 of the statement of rates in rule 3 of the Maharashtra Agricultural Income-tax Rules, 1962 ("the Rules"), which provides for ....