1995 (9) TMI 22

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.... of the Income-tax Act, 1961, at the instance of the Revenue, the Tribunal below held that the assessee is entitled to depreciation at the special rate of 50 per cent. provided in entry III (ii) D(9) of Part I of Appendix I to the Income-tax Rules, 1962, in respect of rigs and compressors used for drilling borewells. If the said special rates were not applicable, admittedly only ten per cent. depr....

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....gral parts of a lorry by themselves nor can they be appropriately called or known as a ' lorry ', as understood in common parlance. Therefore, the rig and compressor used for drilling borewells, though mounted on a lorry, cannot be held to fall under ' motor lorry ' occurring in entry III(ii) D(9) of Part I of Appendix I to the Rules. " Therefore, according to learned counsel for the Revenue, t....