1996 (3) TMI 11 - HC - Income Tax

Summary

The High Court of Madhya Pradesh ruled in favor of the assessee in a reference under the IT Act, 1961, regarding depreciation on a hotel building treated as a plant. The Tribunal held that a hotel can be considered a plant for depreciation purposes based on relevant case law, including the decision in CIT vs. Taj Mahal Hotel. The Court upheld the Tribunal's decision, stating that the view taken was justified, and answered the question in favor of the assessee and against the Revenue.