1999 (3) TMI 3 - SUPREME COURT

ITO rejected the assessee's claim of higher depreciation @ of 15 % on machinery - Whether the Tribunal was right in law in holding that the words 'corrosive chemicals' employed in entry (ii) B (7) of Para III of Part I of Appendix I to the Income-tax Rules, 1962, contemplates not only free chemicals but also non-free chemicals of corrosive effect - held that ITO is not entitled to make statements on technical matters for which there is no material on record.