https://www.taxtmi.com/caselaws?id=10815 The High Court of Kerala determined that part of the studio building owned by the partnership firm engaged in cinematograph film production qualified as a plant, entitling the assessee to depreciation at rates applicable to plant and machinery. The court emphasized the functional test, highlighting the studio's adaptability for creating different scenes and settings as a business tool. By analyzing relevant precedents and legal principles, the court clarified the distinction between a building and a plant, emphasizing the enduring utility and business use of the asset. The judgment favored the assessee, recognizing the studio as a plant eligible for specific deductions and allowances. en-us Tue, 18 Nov 2003 00:00:00 +0530 Wed, 12 Aug 2015 13:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10815 The High Court of Kerala determined that part of the studio building owned by the partnership firm engaged in cinematograph film production qualified as a plant, entitling the assessee to depreciation at rates applicable to plant and machinery. The court emphasized the functional test, highlighting the studio's adaptability for creating different scenes and settings as a business tool. By analyzing relevant precedents and legal principles, the court clarified the distinction between a building and a plant, emphasizing the enduring utility and business use of the asset. The judgment favored the assessee, recognizing the studio as a plant eligible for specific deductions and allowances. Case-Laws Income Tax Tue, 18 Nov 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10815