https://www.taxtmi.com/caselaws?id=59048 The Tribunal held that lights installed in the factory premises constituted 'plant' under section 43(3) of the IT Act, allowing the assessee to claim development rebate but did not address initial depreciation. The Tribunal upheld the CIT (A)'s decision on initial depreciation. Regarding the exclusion of liabilities in computing capital base for relief under section 80J, the Supreme Court upheld the rule excluding borrowed monies and debts, ruling in favor of the Department. Ground 4 was decided in favor of the assessee, allowing initial depreciation, while ground 5 favored the Department, upholding the exclusion of liabilities. The appeal was partly allowed based on these outcomes. en-us Thu, 25 Apr 1985 00:00:00 +0530 Thu, 23 Dec 2010 16:57:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59048 The Tribunal held that lights installed in the factory premises constituted 'plant' under section 43(3) of the IT Act, allowing the assessee to claim development rebate but did not address initial depreciation. The Tribunal upheld the CIT (A)'s decision on initial depreciation. Regarding the exclusion of liabilities in computing capital base for relief under section 80J, the Supreme Court upheld the rule excluding borrowed monies and debts, ruling in favor of the Department. Ground 4 was decided in favor of the assessee, allowing initial depreciation, while ground 5 favored the Department, upholding the exclusion of liabilities. The appeal was partly allowed based on these outcomes. Case-Laws Income Tax Thu, 25 Apr 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59048