1997 (12) TMI 8

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..... of the IT Act, 1961. The question is : "Whether, on the facts and in the circumstances of the case, the pontoons and tugs are covered by the expression 'ship' and therefore, are entitled to development rebate at a higher rate of 40 per cent instead of 25 per cent on the basis of plant ?" 2. Sec. 32 of the Act deals with the depreciation of buildings, machinery, plant or furniture, owned by an a .....

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..... rges, survey launches and other similar ships used mainly for dredging purposes; (iii) Other ships 2. Vessels ordinarily operating on inland waters : (i) Speed boats; (ii) Other vessels." This definition makes it clear that ships would include tugs. There cannot be any dispute as to that. However, 'pontoons' have not been specifically included within the meaning of 'ship'. However, having re .....

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