2001 (7) TMI 7 - SCH - Income Tax

Whether, the theatre building can be considered as a plant - Whether, on the facts and in the circumstances of the case, the assessee is entitled to higher rate of depreciation on the theatre - Held, no

Summary

The Supreme Court allowed the civil appeal, setting aside the High Court's order in favor of the assessee regarding the classification of a theatre building as a plant and entitlement to higher depreciation rates. The questions were answered in the negative and in favor of the Revenue. No costs were awarded.