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2016 (7) TMI 1328 - HC - Income TaxTreatment to mineral oil wells as buildings for the purpose of applying rate of depreciation under section 32 - Held that:- In light of the decision of the hon'ble Supreme Court in the case of Scientific Engineering House P. Ltd. v. CIT (1985 (11) TMI 1 - SUPREME Court), we are of the view that the reasoning which was adopted by the Tribunal holding that the well would not form a part of the plant and machinery for drilling of oil is not correct. In that view of the matter, the view taken by the Commissioner of Income-tax (Appeals) is restored and the findings of the Tribunal are reversed.
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