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TMI Blog2004 (11) TMI 84X X X X Extracts X X X X X X X X Extracts X X X X ..... s admissible at the rate of 15 per cent.?" - Higher depreciation at the rate of 15 per cent. is allowable only in respect of the plant and machineries specified in the "rates of depreciation". It has not been held by the Punjab and Haryana High Court in the case of CIT v. Gurinder Singh Karion that the ice factory machinery falls in the ambit of any of the machinery or plant enumerated under Item ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t.?" The assessment year 1977-78 is involved. The assessee/respondent is a limited company and it derives income from sale of ice and medicines. The only issue relates to the rate of depreciation allowable on ice manufacturing machinery. It was allowed at the rate of 5 per cent. by the Income-tax Officer on the ground that the machinery used in ice factory consisted mainly of condensers. This or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reliance upon the relevant portion mentioned in Encyclopaedia Britannica, Volume 19, page 63, which is as follows: "Refrigeration technology draws its basic knowledge from three inter-related yet distinct areas of science, namely, thermodynamics, heat transfer and fluid flow. As refrigeration technology has advanced, improved process and materials have made possible many consumer products and in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... enumerated therein, we do not find the mention of ice factory machinery. Unless the item is specifically mentioned or it can be shown that it falls in any of the plant and machineries mentioned therein depreciation at the rate of 15 per cent, is not allowable. The higher depreciation at the rate of 15 per cent. is allowable only in respect of the plant and machineries specified in the "rates of d ..... X X X X Extracts X X X X X X X X Extracts X X X X
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