Law:

Section:

Section 32 of the Income-tax Act, 1961 - Depreciation - Allowance/Rate of - Whether assessee was entitled to depreciation at special rate in respect of rigs and compressors used for drilling borewells - Held, no FACTS The assessee claimed depreciation at special rate of 30 per cent in respect of rigs and compressors used for drilling borewells. The Tribunal allowed the assessee's claim. On reference: HELD Following the decision of the same High Court in CIT v. Popular Borewell Service [1992] 194 ITR 12 , the Tribunal was not justified in holding that the assessee was entitled for depreciation at the special rate of 30 per cent, in respect of rigs and compressors used for drilling borewells. Note: The case was decided in favour of the revenue. CASE REFERRED TO CIT v. Popular Borewell Service [1992] 194 ITR 12 (Mad.). C.V. Rajan for the Applicant. P.P.S. Janarthana Raja, Subbaraya Ayyar, Padmanabhan and Ramamani for the Respondent. JUDGMENT Ratnam, J. -…

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