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TMI Blog1976 (9) TMI 16X X X X Extracts X X X X X X X X Extracts X X X X ..... der of the Agricultural Income-tax Appellate Tribunal, Madras, dated February 2, 1970. The matter lies within a very narrow compass. The petitioner claimed depreciation on the value of the tank said to have been constructed for the use of the workers, in the computation of the agricultural income. This claim was rejected by all the authorities on the ground that depreciation cannot be allowed as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r class of cases be prescribed, and where the buildings have then newly erected or the machinery or plant newly installed, a further sum subject to such conditions as may be prescribed : Provided that the prescribed particulars have been duly furnished : Provided further that the aggregate of all such allowances made under this Act shall in no case exceed the original cost to the assessee of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tioner contends that all the authorities including the Tribunal committed an error in thinking that under the Income-tax Act, only the buildings are entitled to depreciation and the tank is not a building, and forgot to take note of the Explanation to section 5(f) of the Tamil Nadu Agricultural Income-tax Act which we have already extracted. Even if the authorities have loosely referred to the a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... alculating the rate of depreciation to be arrived at under section 5(f) of the Tamil Nadu Agricultural Income-tax Act, 1955. Under rule 5 of the Income-tax Rules, 1962, read with Appendix I thereto, buildings are classified into four categories and in respect of the first three categories only the rate of depreciation has been prescribed. Consequently, before claiming depreciation under section 5( ..... X X X X Extracts X X X X X X X X Extracts X X X X
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