https://www.taxtmi.com/article/detailed?id=5449 The article examines whether a ship qualifies as "equipment" for royalty under the income tax royalty explanation, noting the Madras High Court's reliance on the inclusive definition of "plant" (which expressly includes ships) to construe "equipment" broadly. It argues that the definition of plant appears in the computation chapter for depreciation and that ships are treated as a separate class in depreciation rules; on ordinary and statutory grounds a ship functions as a floating establishment housing many subordinate machines and therefore does not comfortably fit the narrower categories of industrial, commercial or scientific "equipment," warranting reconsideration of the Court's approach. en-us Thu, 23 Jan 2014 07:05:19 +0530 Thu, 23 Jan 2014 07:05:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=5449 The article examines whether a ship qualifies as "equipment" for royalty under the income tax royalty explanation, noting the Madras High Court's reliance on the inclusive definition of "plant" (which expressly includes ships) to construe "equipment" broadly. It argues that the definition of plant appears in the computation chapter for depreciation and that ships are treated as a separate class in depreciation rules; on ordinary and statutory grounds a ship functions as a floating establishment housing many subordinate machines and therefore does not comfortably fit the narrower categories of industrial, commercial or scientific "equipment," warranting reconsideration of the Court's approach. Articles Income Tax Thu, 23 Jan 2014 07:05:19 +0530 https://www.taxtmi.com/article/detailed?id=5449