2002 (10) TMI 8 - HC - Income Tax

Depreciation - Whether Tribunal is right in law and fact in holding that the pond in the case of the assessee is to be treated as plant and is eligible for depreciation at the rate applicable to plant and machinery? Question is answered in favour of the Revenue and against the assessee. Revenue s appeal is allowed

Summary

The High Court of Kerala allowed the appeals filed by the Commissioner of Income-tax against the Income-tax Appellate Tribunal's order. The Tribunal's decision in favor of the assessee was overturned based on a Supreme Court ruling that a building used as a hotel or theatre cannot be depreciated as plant. The orders of the Tribunal were set aside, and the Assessing Officer's orders were restored.