Specially designed ponds for rearing of prawns can be treated as a Plant

Brief Facts- The assessee is a company doing business of ‘Aqua Culture’. It grows prawns in specially designed ponds.

Question of Law- Whether ‘natural pond’ which as per the assessee is specially designed for rearing prawns would be treated as ‘Plant’ within Section 32 of the Income-tax Act, 1961.

Contention of the Assessee

The assessee has claimed depreciation in respect of these ponds by contending that these prawn ponds are tools to its business and therefore constitute ‘plant’ within the meaning of Section 32 of the Income-tax Act, 1961.

Contention of the Revenue

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