2004 (7) TMI 50

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...."Whether, on the facts and in the circumstances of the case and on its interpretation of the proviso to section 32(1)(ii), the Income-tax Appellate Tribunal was legally justified in holding each individual shuttering as machinery or plant for the purpose of allowing 100 per cent, depreciation to the extent of Rs. 2,21,430 to the assessee whereas only a depreciation of 331/3 per cent, was held allo....

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....wed. There is no dispute on the facts that the assessee is engaged in construction work and without shuttering, the work cannot be executed. We agree with Mr. Mehta that shuttering being a necessary component for construction of the building, is a plant and each shuttering in itself is an independent unit, as that depends upon the use of shuttering in different places and each shuttering is cos....