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2004 (7) TMI 50 - HC - Income Tax"Whether on its interpretation of the proviso to section 32(1)(ii), the Tribunal was legally justified in holding each individual shuttering as machinery or plant for the purpose of allowing 100 per cent, depreciation to the extent of Rs. 2,21,430 to the assessee whereas only a depreciation of 331/3 per cent, was held allowable by the Assessing Officer on such integrated unit of plant and machinery in the case?" - Shuttering being a necessary component for construction of the building, is a plant and each shuttering in itself is an independent unit, as that depends upon the use of shuttering in different places and each shuttering is costing less than Rs. 5,000, therefore, as per the rules, if the cost of the plant is less than Rs. 5,000, that plant is entitled for 100 per cent, depreciation. - we see no reason to interfere in the impugned order
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