https://www.taxtmi.com/caselaws?id=264090 The Supreme Court ruled that a 'natural pond' specially designed for rearing prawns qualifies as a 'plant' under Section 32 of the Income Tax Act, 1961 for depreciation purposes. The Court emphasized that the ponds, integral to the assessee's aqua culture business, were tools essential for the business operation and therefore eligible for depreciation as per the Act. Rejecting the argument that the ponds were natural and not constructed by the assessee, the Court upheld the High Court's decision in favor of the assessee, allowing depreciation on the specially designed ponds. en-us Fri, 04 Sep 2015 00:00:00 +0530 Sat, 05 Mar 2016 16:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=264090 The Supreme Court ruled that a 'natural pond' specially designed for rearing prawns qualifies as a 'plant' under Section 32 of the Income Tax Act, 1961 for depreciation purposes. The Court emphasized that the ponds, integral to the assessee's aqua culture business, were tools essential for the business operation and therefore eligible for depreciation as per the Act. Rejecting the argument that the ponds were natural and not constructed by the assessee, the Court upheld the High Court's decision in favor of the assessee, allowing depreciation on the specially designed ponds. Case-Laws Income Tax Fri, 04 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=264090