https://www.taxtmi.com/caselaws?id=15771 Horses used for stock-breeding are not treated as "plant" under section 43(3) of the Income-tax Act, 1961, because the statutory definition was retrospectively amended by the Finance Act, 1995 to exclude livestock from that expression. As a result, depreciation under section 32 is not allowable on such horses, even where they are used in the assessee's breeding business. en-us Tue, 20 Jul 1999 00:00:00 +0530 Thu, 27 Aug 2009 16:06:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15771 Horses used for stock-breeding are not treated as "plant" under section 43(3) of the Income-tax Act, 1961, because the statutory definition was retrospectively amended by the Finance Act, 1995 to exclude livestock from that expression. As a result, depreciation under section 32 is not allowable on such horses, even where they are used in the assessee's breeding business. Case-Laws Income Tax Tue, 20 Jul 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15771