2001 (3) TMI 31 - HC - Income Tax

Summary

The High Court of Madras ruled in favor of the Revenue in a case involving depreciation allowance on rigs mounted on lorries used for borewell digging. The court upheld the Commissioner of Income-tax's decision under section 263, stating that the assessment was erroneous and prejudicial to Revenue's interests. The court determined that the assessee was entitled to only 10% depreciation instead of the claimed 30%, based on a previous court ruling.