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1999 (12) TMI 2 - SUPREME COURTBusiness of manufacture of yarn - claim for higher rate of initial depreciation on the machinery employed in the manufacture on the ground that its manufacturing product, viz., "yarn" falls under item No. 21 of the Ninth Schedule to the Income-tax Act - Tribunal is justified in law in holding that the manufacture of yarn would amount to manufacture of textile within the meaning of Entry 21 of the Ninth Schedule and, therefore, the assessee is entitled to higher rate of initial depreciation
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