1991 (3) TMI 184

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....nder consideration is whether a diesel generating set would be depreciated at the rate of 15 per cent as done by the ITO or at 10 per cent as is the view taken by the Commissioner. 2. The Assessing Officer in the course of the assessment proceedings had allowed depreciation @ 15 per cent but the CIT on a subsequent perusal of the record was of the opinion that the same was allowable at 10 per c....

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....rned counsel for the assessee at the outset stated that in all earlier and the subsequent assessments the depreciation had been allowed at the rate of 15 per cent. This according to him was the state-of-affairs even after the present order passed by the CIT under s. 263. He, therefore, referred to the decision of the Ahmedabad Benches of the Tribunal in the case of Nachmi Marketing P. Ltd ITA No. ....

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....had allowed 15 per cent depreciation, the same be confirmed in the present appeal in view of the aforesaid two decisions of the Tribunal. 4. The learned Departmental Representative on the other hand, strongly supported the order of the CIT contending in the process that the depreciation at the rate of 10 per cent was justified in accordance with the provisions of law. 5. We have examined the....