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VIMAL GANDHI, G.S.PANNU
Joint/Addl. Commissioner of Income-tax – Appellant
Versus
Goyal MG Gases Ltd. – Respondent
Vimal Gandhi, President. - These two appeals by the revenue for the assessment years 1996-97 and 1997-98 are directed against the orders of the Commissioner of Income-tax (Appeals) :—
2. Grounds of appeal raised in assessment year 1996-97 are as under :
"1.On the facts and in the circumstances of the case, the Ld. CIT(A) erred in holding that the assessee is entitled to 100% depreciation on tankers against 20% allowed by the Assessing Officer thereby allowing depreciation of Rs. 3.64 crores.
2.The Ld. CIT(A) erred in allowing dep. of Rs. 11.17 crores on wind electricity generators."
Similar grounds have been raised in assessment year 1997-98.
3. The facts of the case briefly stated are that the assessee company M/s. Goyal MG Gases Ltd. (GGL) started business of manufacturing, bottling and marketing of industrial gases like Oxygen, Nitrogen, Argon, Hydrogen etc. It entered into agreement on 1st February, 1996 with M/s. Wind Powers Ltd. (WPL) to purchase three wind farms namely M/s. Cauveri Farm, Yamuna Farm and Ganga Farm for a total consideration of Rs. 2,250 lakhs.
4. The main disputes that arise for consideration in these two appeals are - first relating to depreciation on tankers
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