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2001 (11) TMI 25 - HC - Income TaxIncome, Accrual Of Income, Capital Or Revenue Expenditure, Disallowance Of Expenditure, Rate Of Depreciation - "Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that the medical expenses reimbursed by the assessee to its employees would be part of the salary paid to them for purposes of computing the amount disallowable under section 40A(5)/40(c) of the Income-tax Act, 1961?" - "Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was correct in law in holding that the differential levy price of cane sugar of Rs.3,49,898 and Rs.36,07,388 collected by the assessee during the years should not be treated as revenue receipt and be brought to tax?" whether the Tribunal was correct in holding that the assessee is entitled to higher rate of depreciation on the basis of the certificate obtained from the chemical engineer. The assessee had claimed higher rate of depreciation at the rate of 15 per cent. on certain machinery on the ground that they came into contact with corrosive chemicals.
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