1990 (7) TMI 13 - HC - Income Tax

Summary

The High Court directed the Tribunal to refer the question of law regarding the entitlement to higher depreciation rate of 15% for machinery used in cement manufacturing and packaging. The Tribunal allowed depreciation at 15%, dismissing the Revenue's appeal. The Court ordered the Tribunal to refer the question of law to determine if the higher rate of depreciation was justified without proof of corrosion effects.