https://www.taxtmi.com/caselaws?id=35868 The High Court ruled in favor of the assessee, holding that the entire lump sum payment to collaborators should be considered as the actual cost of plant and machinery for depreciation and development rebate purposes under the Income Tax Act. The court emphasized the broad definition of "plant" to include both tangible and intangible assets necessary for business operations, acknowledging that technical knowledge can become obsolete over time. Consequently, the assessee was entitled to depreciation and development rebate, with each party directed to bear its own costs in the reference. en-us Thu, 14 Aug 1980 00:00:00 +0530 Wed, 17 Mar 2010 12:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=35868 The High Court ruled in favor of the assessee, holding that the entire lump sum payment to collaborators should be considered as the actual cost of plant and machinery for depreciation and development rebate purposes under the Income Tax Act. The court emphasized the broad definition of "plant" to include both tangible and intangible assets necessary for business operations, acknowledging that technical knowledge can become obsolete over time. Consequently, the assessee was entitled to depreciation and development rebate, with each party directed to bear its own costs in the reference. Case-Laws Income Tax Thu, 14 Aug 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=35868