drilling rigs.
These rigs were mobilised both at the east-coast and west-
coast. It is claimed by the petitioner that these rigs were used ... drilling unit and that they also had adequate and
necessary personnel for performing the offshore drilling
operations that would include the deployment of drilling unit
carrying on business in drilling borewells (tube-wells). For the purpose of drilling borewells, the assessee, inter alia, used a rig and compressor ... drilling equipment should be regarded as "construction equipment" as holes are drilled in rock for wells and for blasting, grounding and exploring. Drills
that depreciation was allowable at 30 per cent. on the rigs engaged in drilling of borewells ?"
2. The assessee is a firm carrying ... right in allowing depreciation at 30 per cent. in respect of drills and rigs used by the assessee as against 10 per cent. allowed
Company accepted its lender. The partners of the firm are having drilling rigs and each one of the partners is having more than 3 years ... executing the work at the rate of Rs. 70/- per meter for drilling, whereas now the Company has received competitive rate
near
drinking water sources while Section 14 relates to registration of
drilling rigs. These provisions have no application whatsoever to the
cases on hand. Further
contract between the petitioner and the ONGC that the drilling rigs were hired by ONGC for the purpose of exploration of oil wells ... agreement and pleaded that the control and possession of the drilling rigs always remained with the petitioner-company, the company's obligation under
working as Driller on the rig bore-well to drill rig bores. The said rig was mounted on lorry bearing No. APJ 9111. On January
designated as rig mounted vehicle. The unit of rig mounted vehicle minus the rig apparatus is only chassis. The rig mounted vehicle should be considered ... chassis fitted with rig apparatus and the chassis constitute the base and the rig mounted thereon is a vital component of rig mounted vehicle
start a business by purchasing a Bore Well drilling Machine and to do Borewell drilling business under the name and style of M/s. Bharathi Bore ... business and collect the amount from the persons who got drilled with the Rig Machine and account for the same.
5. That the Canara Bank
claimed depreciation of 30 per cent. on the rig and compressor used in drilling the bore-wells. The Income-tax Officer allowed the depreciation ... also claimed that it is an industrial undertaking carrying on business in drilling bore-wells and, therefore, it is entitled to the relief under section
