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1982 (5) TMI 54 - AT - Income TaxExtract: ....... argument of the ld. Counsel for the assessee that the horse is a plant. We, therefore, hold that though horse is a business asset, it cannot be termed as plant and therefore the assessee is not entitled for depreciation. 9. In the result, the appeal filed by the revenue is dismissed and the cross-objection filed by the assessee is allowed in part.
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