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2003 (11) TMI 14 - HC - Income TaxHigher Depreciation on studio building - Whether the assessee's studio building constituted a plant in the hands of the assessee for which the assessee is entitled to higher depreciation? - Held that:- In this case the assessee has satisfied the functional test. Floor measuring 12,000 sq. ft. with asbestos roof, railing platforms and replaceable walls can be treated as tools with which business of the assessee is being carried on. The spot verification made by the members of the Tribunal also revealed that the building is a plant. We are therefore in agreement with the Tribunal that part of the studio building would come within the term "plant" and in that view the assessee is entitled to depreciation at the rate applicable to plant and machinery. We therefore answer the question in favour of the assessee holding that the assessee's studio would constitute plant in the hands of the assessee and consequently be entitled to depreciation at the rates applicable to plant and machinery. - Decided in favour of assessee.
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