https://www.taxtmi.com/caselaws?id=12870 The High Court of Jammu and Kashmir ruled that a hotel building does not qualify as a plant for depreciation purposes under section 43(3) of the Income-tax Act, 1961. Following the Supreme Court's decision in CIT v. Anand Theatres (2000), which established that buildings used for hotel or cinema businesses are not considered plants for depreciation, the court held that the hotel building in question did not meet the criteria for higher depreciation rates. Consequently, the assessee was not entitled to depreciation at the plant rate, and the judgment favored the Revenue, settling the classification issue definitively. en-us Mon, 03 Jul 2000 00:00:00 +0530 Fri, 22 May 2009 16:07:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12870 The High Court of Jammu and Kashmir ruled that a hotel building does not qualify as a plant for depreciation purposes under section 43(3) of the Income-tax Act, 1961. Following the Supreme Court's decision in CIT v. Anand Theatres (2000), which established that buildings used for hotel or cinema businesses are not considered plants for depreciation, the court held that the hotel building in question did not meet the criteria for higher depreciation rates. Consequently, the assessee was not entitled to depreciation at the plant rate, and the judgment favored the Revenue, settling the classification issue definitively. Case-Laws Income Tax Mon, 03 Jul 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12870