COMMISSIONER OF INCOME TAX Vs. SARVESHWAR NATH NIGAM

JUDGEMENT

(1.) In this reference under section 66(1) of the Indian Income-tax Act, XI of 1922, the following question has been referred to this by the Income-tax Appellate Tribunal, Delhi Bench :

(2.) The question whether section 10 or section 12 applies is not of much importance so far as the question referred to us is concerned, as in both cases the depreciation claimed for the kohlus let out on hire is governed by the same provisions of law.

(3.) In order to find out what percentages are prescribed for depreciation, we have to refer to rule 8 of the Indian Income-tax Rules 1922, which reads :