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of <h1>Court rules horses used for breeding not eligible for depreciation under Income-tax Act</h1> <h3>Commissioner Of Income-Tax Versus Ruia Stud And Agricultural Farms P. Ltd.</h3> The High Court of Bombay held that horses used for stock-breeding are not considered 'plant' for depreciation under section 32 of the Income-tax Act, ... Depreciation, Plant, Law Applicable, Effect Of Amendment The High Court of Bombay ruled that horses used for stock-breeding do not qualify as 'plant' for depreciation under section 32 of the Income-tax Act, 1961. The court based its decision on the amendment of section 43(3) by the Finance Act, 1995, which excludes livestock from the definition of 'plant.' The judgment favored the Revenue and dismissed the claim of the assessee for depreciation on horses.
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