2007 (5) TMI 219 - HC - Income Tax

Assessee, manufacturer of soft drinks - Tribunal was legally correct in holding that the bottles and crates in the assessee s case did not constitute its stock-in-trade and should be treated as plant depreciation on bottles and crates is allowable

Summary

The High Court of Allahabad heard a case regarding whether bottles and crates should be considered as stock-in-trade or plant. The court referred to similar decisions by other High Courts and ruled in favor of the assessee, concluding that bottles and crates should not be treated as stock-in-trade. The reference was disposed of.