Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2005 (12) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2005 (12) TMI 79 - HC - Income TaxSection 32(1) - "Whether Tribunal was right in holding that the third proviso to section 32(1), would not be applicable in respect of the plant and machinery which cost below Rs. 5,000 since such assets are covered specifically under the first proviso, and that the entire cost is to be allowed by way of deduction?" - in the absence of any infirmity in the impugned order of the Tribunal, the question has to be answered in the affirmative namely, in the case of plant and machinery whose cost does not exceed Rs. 5,000, the third proviso to section 32(1)(ii) of the Act would not be applicable since such assets are covered specifically under the first proviso to the said section and the entire actual cost has to be allowed as a deduction, subject to the assessee fulfilling all other requisite conditions - The question is accordingly answered in the affirmative, i.e., in favour of the assessee
|