TMI Blog2012 (5) TMI 168X X X X Extracts X X X X X X X X Extracts X X X X ..... with reference to rural loans - therefore provisions of Sections 36(1)(vii) and 36(1)(viia) are distinct and independent items of deduction and operate in their respective fields – against the Revenue. Claim for depreciation on furniture and electrical fittings as well as typewriters - Held that:- Applying the decision of Commissioner of Income Tax, Madras Vs. Mir Mohammed Ali (1964 - TMI - 49371 - SUPREME Court) typewriter is a machinery entitled to depreciation at 25% and not at 33 1/3 %, as had been held by the Tribunal - as far as assessment year 1992-93 is concerned, the furniture and fittings are with reference to the bank, the assessee carrying on business in banking, sub-clause (1) would be a relevant entry and hence, the assesse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 248 CTR (SC) 1 (Catholic Syrian Bank Ltd. Vs. Commissioner of Income Tax), which is against the Revenue. Hence, the first question is answered against the Revenue. 3. As far as the second question is concerned, it is seen from the order of the Tribunal that in respect of the claim for depreciation on furniture and electrical fittings as well as typewriters, the Tribunal applied the decision of the assessee's own case for the assessment years 1990-91 and 1991-92, wherein, the Tribunal followed the decision relating to the very same assessee in respect of the assessment year 1988-89 and took the view that the assessee was entitled to depreciation at 33 1/3 % on typewriters and calculators. In the circumstances, the assessee's appeal in res ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eduction at 10%. This leaves us one more item, namely, typewriter. 7. As far as machinery and plant are concerned, Clause III of Appendix-I gives the rate of depreciation in respect of machinery and plant, other than those specifically listed, at 33.33% during the relevant period of time, which was amended to 25% with effect from 1.4.1992 as against the original percentage of 33.33%. The contention of the Revenue herein is that typewriter, as such, could not be brought in under the head of machinery under Entry "Machinery and Plant". Admittedly, there is no definition of what 'machinery' is about. However, in the decision reported in (1964) 53 ITR 165 (Commissioner of Income Tax, Madras Vs. Mir Mohammed Ali), the Apex Court referred to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 65 (Commissioner of Income Tax, Madras Vs. Mir Mohammed Ali), we hold that typewriter is a machinery entitled to depreciation at 25% and not at 33 1/3 %, as had been held by the Tribunal. 10. Learned counsel appearing for the assessee submitted that the order of the Tribunal relating to the previous years have not been, in any manner, disturbed by filing Tax Case (Appeals). In the circumstances, the view of the Tribunal may be accepted. 11. We do not find any good ground to accept the line of reasoning, particularly when the claim is relating to depreciation. Given the different percentage of depreciation in respect of plant and machinery and the object of granting depreciation is to get a true picture of the real income of the busi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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