https://www.taxtmi.com/article/detailed?id=11500 Oil wells installed for exploration qualify as plant and machinery under the Income Tax Rules; the rules do not require use for "distribution" to attract that classification. Relying on precedent where oil wells were treated as plant and machinery, the tribunal treated the earlier classification as building as erroneous and ordered recomputation of depreciation on the opening written down value at the higher rate applicable to plant and machinery. en-us Fri, 16 Jun 2023 10:37:14 +0530 Fri, 16 Jun 2023 10:37:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=11500 Oil wells installed for exploration qualify as plant and machinery under the Income Tax Rules; the rules do not require use for "distribution" to attract that classification. Relying on precedent where oil wells were treated as plant and machinery, the tribunal treated the earlier classification as building as erroneous and ordered recomputation of depreciation on the opening written down value at the higher rate applicable to plant and machinery. Articles Income Tax Fri, 16 Jun 2023 10:37:14 +0530 https://www.taxtmi.com/article/detailed?id=11500