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RUBBER TREES BEING DURABLE PLANT BEING BASIC APPARATUS, HAVING FUNCTIONAL ROLE, LIMITED USEFUL LIFE ARE DEPRECIABLE ASSETS BEING ‘PLANT’ for the purpose of S.32 read with S.43(3) of the Income-tax Act,1961

RUBBER TREES BEING DURABLE PLANT BEING BASIC APPARATUS, HAVING FUNCTIONAL ROLE, LIMITED USEFUL LIFE ARE DEPRECIABLE ASSETS BEING ‘PLANT’ for the purpose of S.32 read with S.43(3) of the Income-tax Act,1961 - Income Tax - Direct Tax Code - DTC - By: - CA DEV KUMAR KOTHARI - Dated:- 23-4-2016 - Links and references: Section 32 and 43(3) of Income-tax Act, 1961. Rule 7A of Income-tax Rules, 1962 Assistant Commissioner Of Income Tax Versus General Fibre Dealers Pvt. Ltd. 1993 (1) TMI 254 - ITAT KOLK .....

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Elecon Engineering Co. Limited. 1974 (2) TMI 7 - GUJARAT HIGH COURT Other Citation: [1974] 96 ITR 672 Scientific Engineering House Pvt. Limited Versus Commissioner of Income-Tax, AP Other Citation: 1985 (11) TMI 1 - SUPREME Court CIT v.Taj Mahal Hotel 1971 (8) TMI 2 - SUPREME Court, sanitary and pipeline fittings were held plant. Poles, cables conductors and switch boards for distribution of electricity, Commissioner of Income-tax v. Indian Turpentine and Rosin Co. Ltd. 1969 (10) TMI 4 - ALLAHAB .....

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HOUSE OF LORDS, the House of Lords held that a dry dock, since it fulfilled the function of a plant, must be held to be a plant. Aircraft engine which was being dismantled, Watts v. Enfield Rolling Mills (Aluminium) Ltd Movable office partitions, Jarrold v. John Good & Sons Ltd. ; Concrete dry dock, Inland Revenue Commissioners v. Barclay, Curle & Co. Ltd. Electrical fans and other office appliances, Sundaram Motors Pvt. v. Commissioner of Income-tax 1968 (1) TMI 17 - MADRAS High Court .....

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t, 1961 vide section 32 and 43(3). There is no other method of amortization of capital cost of rubber trees provided in the Act or Rules. Therefore deprecation is necessarily to be allowed to arrive at real income. The judgment of Tribunal in case of the General Fibre Dealers P.Ltd 1993 (1) TMI 254 - ITAT KOLKATA is fully applicable. In that case tea bushes were held to be plant . However, subsequently S.43(3) was amended to exclude tea bushes from meaning of plant . Rubber Tree is within inclus .....

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apped. British Dictionary definitions for rubber tree rubber tree noun a tropical American euphorbiaceous tree, Hevea brasiliensis, cultivated throughout the tropics, esp in Malaya, for the latex of its stem, which is the major source of commercial rubber http://rubberboard.org.in/ManageCultivation.asp?Id=3 Many plant species produce natural rubber. Considerations of quality and economics, however, limit the source of natural rubber to one species, namely Hevea brasiliensis. It is a native of th .....

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nk and thick, somewhat soft, light brownish gray bark. The young plant shows characteristic growth pattern of alternating period of rapid elongation and consolidated development. The leaves are trifoliate with long stalks. The tree is deciduous in habit and winters from December to February in India. Refoliation is quick and copious flowering follows. Flowers are small but appearing in large clusters. Fruits are three lobed, each holding three seeds, quite like castor seeds in appearance but muc .....

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er Growing Regions Agro-climatic Requirements Rubber Growing Soils Nursery Establishment Land Preparation Field Planting Intercropping Cover Crops Mulching, Shading and Whitewashing Induction of Branches Weed Management Manuring / Fertiliser Application Tapping and Stimulation Diseases and Pests Processing Effluent Treatment Rubber Seed Processing Industry Beekeeping in Rubber Plantations Ecofriendly NR Some other websites at which important information and pictures of rubber tree are found are: .....

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considerations. From rubber tree produces obtained are: Latex from which rubber is made- this is basic output of rubber tree for which rubber tree is planted. Rubber seeds- these are mainly used for plantation of rubber trees by way of replantation, infilling, and extension plantation. A plantation which has surplus seeds can sell to others. Likewise, for better clones orseeds one plantation though having own seeds can purchase high yielding. Quickly maturing rubber seeds for plantation. When ru .....

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r as fire wood depending on size of rubber wood- trunk , branches etc. Life of Rubber Tree: Life of rubber tree can span even 100 years or more, but when used as a productive apparatus to produces and collect rubber its useful life is about 30-35 years. This can be increased if the price of rubber is high, because if price is high, even low yielding old trees can be economically useful to earn income. However, when price is low, even early re-plantation can be adopted as a good commercial practi .....

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