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2006 (2) TMI 98 - HC - Income TaxDepreciation - electrical yarn cleaners - "Whether Tribunal was right in holding that the two electrical yarn cleaners by the assessee is entitled for depreciation at the rate of 100 per cent.?" - Central Board of Direct taxes Circular No. 591 dated January 30, 1991 - held that the circulars are binding on the Department and it is not open to the Department to raise a contention which is contrary to the circulars and instructions validly issued by the Board. The Revenue authorities were therefore not correct in restricting the depreciation to the extent of 50 per cent.
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