https://www.taxtmi.com/caselaws?id=56603 The Tribunal held that galvanized corrugated (GC) sheets qualify as 'plant' under Section 32(1)(ii) of the Income-tax Act, 1961. As the individual value of each sheet was less than Rs. 750, the entire cost was deductible, allowing for full depreciation. The Tribunal rejected the classification of GC sheets as building material, emphasizing their function as tools of the trade in the assessee's business activities. The Tribunal's decision aligned with precedents that broadly construed the term 'plant' to include apparatus used in business operations, ultimately ruling in favor of the assessee. en-us Mon, 05 Nov 1984 00:00:00 +0530 Sat, 04 Dec 2010 17:50:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56603 The Tribunal held that galvanized corrugated (GC) sheets qualify as 'plant' under Section 32(1)(ii) of the Income-tax Act, 1961. As the individual value of each sheet was less than Rs. 750, the entire cost was deductible, allowing for full depreciation. The Tribunal rejected the classification of GC sheets as building material, emphasizing their function as tools of the trade in the assessee's business activities. The Tribunal's decision aligned with precedents that broadly construed the term 'plant' to include apparatus used in business operations, ultimately ruling in favor of the assessee. Case-Laws Income Tax Mon, 05 Nov 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56603