CIT Vs. LAKSHMI VILAS BANK

JUDGEMENT

(1.) THIS Tax Case (Appeal) filed by the Revenue was admitted on the following substantial questions of law relating to the assessment year 1992 -93:

(2.) WHETHER on the facts and in the circumstances of the case, the Tribunal was right in law in holding that the assessee is entitled to the depreciation on electrical fittings and typewriters etc., on plant and machinery and granted relief, even after the assessment year 1987 -88 the plant and machinery and furniture and electrical fittings are classified separately for the purpose of depreciation?

(3.) APPENDIX I attached to Rule 5 prescribes the rate of depreciation. In Clause II of Part A, rate of depreciation is given in respect of furniture and fittings. The said table reads as under: