https://www.taxtmi.com/caselaws?id=10866 The High Court upheld the Tribunal's decision that prawn ponds qualify as "plant" for depreciation purposes under the Income Tax Act. The Court agreed that prawn ponds are essential tools for the assessee's aquaculture business, akin to machinery for other industries, and thus eligible for depreciation at the rates applicable to plant and machinery. The Court dismissed the appeal, affirming that prawn ponds are considered "plant" under section 32 of the Income Tax Act. en-us Thu, 14 Oct 2004 00:00:00 +0530 Mon, 27 Jul 2009 08:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10866 The High Court upheld the Tribunal's decision that prawn ponds qualify as "plant" for depreciation purposes under the Income Tax Act. The Court agreed that prawn ponds are essential tools for the assessee's aquaculture business, akin to machinery for other industries, and thus eligible for depreciation at the rates applicable to plant and machinery. The Court dismissed the appeal, affirming that prawn ponds are considered "plant" under section 32 of the Income Tax Act. Case-Laws Income Tax Thu, 14 Oct 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10866