Cement silos are plant & eligible for higher rate of depreciation

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 products will be got d...