https://www.taxtmi.com/caselaws?id=17351 The High Court upheld the decision of the Appellate Tribunal, ruling in favor of the assessee and against the Revenue. The Court agreed with the Tribunal's interpretation of 'plant' under section 32, allowing depreciation on the expenditure for technical know-how acquisition, despite not being claimed in previous assessment years. This judgment clarifies that the definition of 'plant' for depreciation purposes is not restricted to tangible assets and can encompass intangible assets like technical knowledge. en-us Fri, 09 May 1997 00:00:00 +0530 Mon, 21 Sep 2009 17:26:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17351 The High Court upheld the decision of the Appellate Tribunal, ruling in favor of the assessee and against the Revenue. The Court agreed with the Tribunal's interpretation of 'plant' under section 32, allowing depreciation on the expenditure for technical know-how acquisition, despite not being claimed in previous assessment years. This judgment clarifies that the definition of 'plant' for depreciation purposes is not restricted to tangible assets and can encompass intangible assets like technical knowledge. Case-Laws Income Tax Fri, 09 May 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17351