Commissioner of Income Tax, Ranchi vs Usha Beltron Ltd., Ranchi

Learned counsel for the respondents submitted that the issue raised by the appellant in this appeal as question of law in fact stands answered, in view of the judgment of Patna High Court delivered in the case of Commissioner of Income Tax Vs. Steel City Beverages (P) Ltd. . It is also submitted that the same issue has been considered by the Madras High Court in the case of Commissioner of Income Tax-I Vs. Upasana Finance Limited, and Andhra Pradesh High Court in the case of Commissioner of Income Tax Vs. Margdarshi Chit Fund (P) Ltd. and has been answered against the Revenue and it has been held that " the assessee would be entitled to depreciation on new purchases of the containers'' and in present case also they are on the articles of M.S. Bins which are also the containers. In view of the above decisions, we are of the considered opinion that the issue is covered by the judgment referred above and the Tax Appeal, therefore, is dismissed in the light of the reasons given in the above judgments.