2005 (2) TMI 71 - HC - Income Tax

Depreciation on electric furnace - Whether Tribunal is right in law in upholding the Commissioner of Income-tax (Appeals) finding that electric furnace comes under the category of machine tools and is entitled to depreciation at 15 per cent.? - the question is answered in the affirmative i.e. in favour of the assessee and against the Revenue.

Summary

The High Court of Punjab and Haryana upheld that an electric furnace qualifies as 'machine tools' for depreciation at 15%. The court ruled in favor of the assessee against the Revenue.