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TMI Blog2006 (2) TMI 130X X X X Extracts X X X X X X X X Extracts X X X X ..... mainly used in the printing industry and the matter to be printed is screwed on to these cylinders and then prints are taken. Therefore these printing cylinders were being used as part of the plant. The MS bins are being used as individual items and each one of them is a plant as a single unit. The same is the case for shippers sintex ice boxes, as shippers sintex ice boxes are of different capac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... llowing 100 per cent, depreciation on printing cylinders, sintex shipper ice box, MS bins which does not serve any purpose individually?" The brief facts leading to the above question of law are as under: The assessee is engaged in the business of hire-purchase, finance and leasing etc. The return of the company's income was filed on December 30, 1993. During the course of the assessment under ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sessee was entitled for 100 per cent, depreciation on the said item. Learned counsel appearing for the Revenue submitted that the assessee had leased the assets in bulk and not single itemwise, and hence, the depreciation of 100 per cent, was not allowable. Counsel for the respondent submitted that the assessee is entitled for 100 per cent, depreciation on the ground that each piece of asset costs ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ndent unit and was not dependent for its user on the availability of other bottles whether empty or filled. The use of one bottle was not interconnected with the use of other bottles. Since each bottle was an individual unit and all bottles together did not constitute a single integrated unit, depreciation under the proviso to section 32(1)(ii) of the Act was allowable". Another Division Bench of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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