2001 (3) TMI 31

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..... stions have been referred to this court, viz., "1. Whether, on the facts and in the circumstances of the case, the Tribunal is right in law in holding that the Commissioner of Income-tax by exercise of powers under section 263 was not justified in setting aside the assessment for the allowance of correct depredation ? 2. Whether on the facts and in the circumstances of the case, the Tribunal i .....

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..... in CIT v. Popular Borewell Service [1992] 194 ITR 12, wherein, this court has held that the rigs and compressors fitted to the motor lorry do not form an integral part of the motor lorry and, therefore, depreciation only to the extent of 1.0 per cent. alone is allowable. The law has already been declared by this court. We, therefore, answer this question in favour of the Revenue to the extent that .....

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