1994 (12) TMI 46

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....this reference under section 256(1) of the Income-tax Act, 1961, the Income-tax Appellate Tribunal has referred the following questions of law to this court for opinion : " (i) Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal has rightly held that the provisions of section 40(c) and not section 40A(5) are applicable to the case of a director-employee....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....n is whether these fans constituted plant and machinery for the purpose of grant of depreciation under section 32 of the Act. Section 32 of the Act provides for allowance of depreciation in respect of buildings, machinery, plant or furniture owned by the assessee and used for the purposes of the business or profession. There is no dispute in this case that the fans were owned by the assessee and u....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... and include apparatus used by a businessman for carrying on his business. It is not confined to apparatus used for mechanical operations or processes or industrial business. In this view of the matter, as observed by the Bombay High Court in CIT v. Bank of India Ltd. [1979] 118 ITR 809, a particular item may be "plant" in the hands of one person, but not necessarily so in the hands of another. As....