https://www.taxtmi.com/caselaws?id=36539 The court held that gas cylinders used for storing oxygen gas by a private limited company qualified as "plant" under the Income Tax Act, 1961, making them eligible for depreciation allowance. The Income-tax Appellate Tribunal's decision allowing depreciation on the cylinders was upheld by the High Court, emphasizing the broad interpretation of the term "plant" to include objects essential for business operations. The judgment clarified the eligibility of gas cylinders for depreciation and highlighted the significance of considering the function of assets in business operations for depreciation allowances. en-us Fri, 25 Apr 1980 00:00:00 +0530 Tue, 23 Mar 2010 10:52:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36539 The court held that gas cylinders used for storing oxygen gas by a private limited company qualified as "plant" under the Income Tax Act, 1961, making them eligible for depreciation allowance. The Income-tax Appellate Tribunal's decision allowing depreciation on the cylinders was upheld by the High Court, emphasizing the broad interpretation of the term "plant" to include objects essential for business operations. The judgment clarified the eligibility of gas cylinders for depreciation and highlighted the significance of considering the function of assets in business operations for depreciation allowances. Case-Laws Income Tax Fri, 25 Apr 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36539