https://www.taxtmi.com/caselaws?id=308992 The HC dismissed the Tax Appeal, upholding the Tribunal's decision that oil wells qualify as "Plant" for depreciation purposes under Section 32 of the Income Tax Act, 1961. The Court referenced the Niko Resources case to affirm that oil wells, used in the business activity of crude oil exploration, meet the criteria for "Plant" as they possess durability and function as tools in the business. Consequently, the respondent company was entitled to claim depreciation at 80% on oil wells, and no substantial question of law was found to warrant overturning the Tribunal's judgment. en-us Mon, 12 Sep 2022 00:00:00 +0530 Mon, 04 Dec 2023 17:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=308992 The HC dismissed the Tax Appeal, upholding the Tribunal's decision that oil wells qualify as "Plant" for depreciation purposes under Section 32 of the Income Tax Act, 1961. The Court referenced the Niko Resources case to affirm that oil wells, used in the business activity of crude oil exploration, meet the criteria for "Plant" as they possess durability and function as tools in the business. Consequently, the respondent company was entitled to claim depreciation at 80% on oil wells, and no substantial question of law was found to warrant overturning the Tribunal's judgment. Case-Laws Income Tax Mon, 12 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=308992