Full deduction for plant & machinery costs under Income Tax Act for amounts below Rs. 5,000

The Gujarat HC held that the entire cost of plant and machinery below Rs. 5,000 should be allowed as a deduction under the third proviso to section 32(1) of the Income Tax Act, 1961.

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The Gujarat High Court admitted the case regarding the applicability of the third proviso to section 32(1) of the Income Tax Act, 1961 for plant and machinery costing below Rs. 5,000. The question of law was whether the entire cost should be allowed as a deduction.

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