Cement silos are plant & eligible for higher rate of depreciation

Advertisement DCIT Vs Chettinad Cement Corp. Ltd. (ITAT Chennai) As per depreciation schedule, the depreciation is allowed on buildings @5% for which the buildings are mainly used for residential purposes except hotels and boarding houses. The depreciation is allowed @10% on buildings used mainly for residential purposes and not covered by the category of 5% depreciation. The remaining two items are 100% depreciation category. The cement silos are structures specifically designed for preserving the cement from dampening and to keep the finished product intact. Any leakage of wall, the produ...