https://www.taxtmi.com/caselaws?id=39495 Protective fencing around refinery processing units was treated as "plant" because the definition is inclusive and covers apparatus or structures functionally necessary for carrying on the business; depreciation allowance and development rebate were therefore available. Capitalised interest on debentures and bank overdraft used to construct the refinery was also held includible in the cost of the assets for depreciation and development rebate, applying the principle that capitalised borrowing cost forms part of asset cost. Both issues were answered in favour of the assessee, confirming tax relief on the fencing and the capitalised interest component. en-us Tue, 08 Jul 1975 00:00:00 +0530 Fri, 16 Apr 2010 17:12:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39495 Protective fencing around refinery processing units was treated as "plant" because the definition is inclusive and covers apparatus or structures functionally necessary for carrying on the business; depreciation allowance and development rebate were therefore available. Capitalised interest on debentures and bank overdraft used to construct the refinery was also held includible in the cost of the assets for depreciation and development rebate, applying the principle that capitalised borrowing cost forms part of asset cost. Both issues were answered in favour of the assessee, confirming tax relief on the fencing and the capitalised interest component. Case-Laws Income Tax Tue, 08 Jul 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39495