TMI Blog1997 (3) TMI 78X X X X Extracts X X X X X X X X Extracts X X X X ..... erence from the Tribunal is whether the Tribunal has been right to hold the deduction allowable under section 32 of the Income-tax Act to the assessee on the purchase of the bottles which it leased out as a business. The submission of Mr. S. R. Ashok, learned counsel for the petitioner, is that even if for the purpose of the business of the respondent the bottles are treated as " plant " within th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was amended by the Finance Act, 1983, with effect from April 1, 1984, and was applicable to the assessment in question was as follows : (ii) in the case of any block of assets, such percentage on the written down value thereof as may be prescribed : Provided that where the actual cost of any machinery or plant does not exceed five thousand rupees, the actual cost thereof shall be allowed as a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ansitory or negligible to warrant an inference that they have no function to play in the assessee's trade. They are therefore 'plant' for the purposes of the Act. " Adopting the logic, it can be well said that since it is the business of the respondent to purchase the bottles for the purpose of leasing them out as a business, the bottles do constitute " plant " for the purpose of his business or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r the article in respect of which depreciation is claimed is " plant " for the purpose of the business or profession. Individual items of purchase would also be " plant ", if it is integrally involved in the carrying out of the profession or business and depreciation could be claimed in respect of that. In that view of the matter, we concur with the view taken by the Tribunal and do not find any m ..... X X X X Extracts X X X X X X X X Extracts X X X X
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