Depreciation on golf course- Plant & Machinery or Land & Building

Landbase India Ltd. Vs. ACIT (ITAT Delhi) Depreciation on the golf course – Whether depreciation should be allowed considering it as ‘plant and machinery or land or building. Matter: 1. Applicable Rate of Depreciation on Gulf course.  Facts of the case 2. The Assessee is a company engaged in the business of operation of golf course, construction of hotels, housing complex and merchandising . The Assessee filed income tax return wherein he has computed his income by claiming depreciation on golf course @15% considering it as ‘plant and machinery’. The AO denied the depreciation for...