https://www.taxtmi.com/caselaws?id=28242 Machinery embedded in the earth and used as a press was treated as immovable property where its annexation was permanent and intended for the beneficial use of the undertaking. Applying the settled test on the nature and object of annexation and the intention of the parties, the Court noted that the security for the loan had been stamped and registered as a mortgage of immovable property. As the mortgage was therefore over immovable property, the investment restriction under rule 101 was not breached, and refusal to approve the gratuity fund on that ground was unsustainable. en-us Tue, 29 Nov 1983 00:00:00 +0530 Sat, 20 Feb 2010 10:03:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28242 Machinery embedded in the earth and used as a press was treated as immovable property where its annexation was permanent and intended for the beneficial use of the undertaking. Applying the settled test on the nature and object of annexation and the intention of the parties, the Court noted that the security for the loan had been stamped and registered as a mortgage of immovable property. As the mortgage was therefore over immovable property, the investment restriction under rule 101 was not breached, and refusal to approve the gratuity fund on that ground was unsustainable. Case-Laws Income Tax Tue, 29 Nov 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28242