1997 (3) TMI 78

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....LINGARAJA RATH J.---The question submitted by the Revenue seeking to call for a reference from the Tribunal is whether the Tribunal has been right to hold the deduction allowable under section 32 of the Income-tax Act to the assessee on the purchase of the bottles which it leased out as a business. The submission of Mr. S. R. Ashok, learned counsel for the petitioner, is that even if for the purpo....

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....ovisions of section 34, be allowed--- " The first proviso to the sub-section which was amended by the Finance Act, 1983, with effect from April 1, 1984, and was applicable to the assessment in question was as follows : (ii) in the case of any block of assets, such percentage on the written down value thereof as may be prescribed : Provided that where the actual cost of any machinery or pl....

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.... shells also satisfy the durability test for it is nobody's case that their life is too transitory or negligible to warrant an inference that they have no function to play in the assessee's trade. They are therefore 'plant' for the purposes of the Act. " Adopting the logic, it can be well said that since it is the business of the respondent to purchase the bottles for the purpose of leasing the....