1999 (7) TMI 46
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....tion 256(1) of the Income-tax Act, 1961, the Income-tax Appellate Tribunal has referred the following question of law to this court for opinion : "Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that horses used for stock-breeding constitute 'plant' so as to be eligible for depreciation under section 32 of the Income-tax Act, 1961 ?" This refe....
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..... It was contended by the assessee before the Commissioner of Income-tax (Appeals) that the horses were held by it not as stock-in-trade but as fixed assets. The Commissioner of Income-tax (Appeals) rejected the appeal of the assessee. He held that horses did not constitute "plant". On further appeal, the claim of the assessee was accepted by the Income-tax Appellate Tribunal ("the Tribunal"). The....