1999 (7) TMI 46 - HC - Income Tax

Summary

The High Court of Bombay ruled that horses used for stock-breeding do not qualify as "plant" for depreciation under section 32 of the Income-tax Act, 1961. The court based its decision on the amendment of section 43(3) by the Finance Act, 1995, which excludes livestock from the definition of "plant." The judgment favored the Revenue and dismissed the claim of the assessee for depreciation on horses.