https://www.taxtmi.com/caselaws?id=168742 Knives and lasts used repeatedly in shoe manufacturing were treated as plant because they performed a continuing function in the trade, were retained for use in the business, and were not stock-in-trade; short life did not prevent plant status if sufficient durability existed. The related expenditure was also treated as capital outlay, not a recurring revenue charge, so it qualified for investment allowance. Prior deduction or write-off under a trading-expense provision did not necessarily defeat capital treatment where the statute preserved that result. One view would have treated the renewals as revenue expenditure, but the prevailing analysis accepted plant and capital character. en-us Tue, 23 Jun 1959 00:00:00 +0530 Wed, 25 Mar 2015 11:24:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=168742 Knives and lasts used repeatedly in shoe manufacturing were treated as plant because they performed a continuing function in the trade, were retained for use in the business, and were not stock-in-trade; short life did not prevent plant status if sufficient durability existed. The related expenditure was also treated as capital outlay, not a recurring revenue charge, so it qualified for investment allowance. Prior deduction or write-off under a trading-expense provision did not necessarily defeat capital treatment where the statute preserved that result. One view would have treated the renewals as revenue expenditure, but the prevailing analysis accepted plant and capital character. Case-Laws Income Tax Tue, 23 Jun 1959 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=168742