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TMI Blog2006 (2) TMI 98X X X X Extracts X X X X X X X X Extracts X X X X ..... 0A of the Income-tax Act, 1961 by the Revenue, in I.T.A. No. 1724/ Mds/97, passed by the Income-tax Appellate Tribunal, Madras, "B" Bench raising the following substantial question of law: "Whether in the facts and circumstances of the case, the 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.?" The facts ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0 per cent. only. (ii) Aggrieved by the order of the Assessing Officer, the assessee filed an appeal before the Commissioner of Income Tax (Appeals). The Commissioner of Income-tax (Appeals) dismissed the case of the appellant and confirmed the order of the Assessing Officer. Aggrieved by the same, the assessee filed an appeal to the Income-tax Appellate Tribunal. The Income-tax Appellate Tribuna ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd is put to use for the purposes of business or profession for a period of less than one hundred and eighty days in that previous year, the deduction under this sub-section in respect of such asset shall be restricted to fifty per cent, of the amount calculated at the percentage prescribed for an asset under clause (i) or clause (ii) or clause (iia), as the case may be:" It is pertinent to refer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 84, read as under: "Provided that where the actual cost of any machinery or plant does not exceed five thousand rupees, the actual cost thereof shall be allowed as a deduction in respect of the previous year in which such machinery or plant is first put to use by the assessee for the purposes of his business or profession." Hundred per cent, depreciation on the actual cost of items of machinery ..... X X X X Extracts X X X X X X X X Extracts X X X X
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