This is premium content. Please become a Premium member. If you are already a member, login here to access the full content.
HC allows Additional Depreciation on Oil Well by treating as ‘Plant & Machinery
Case Law Details
- Case Name
- CIT Vs Joshi Technologies International Inc (Gujarat High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2006-07
- Courts
- All High Courts, Gujarat High Court
Upgrade to Basic or Premium to download.
Already Upgraded? Log in.
CIT Vs Joshi Technologies International Inc (Gujarat High Court)
The Gujarat High Court recently delivered a significant judgment in the case of CIT Vs Joshi Technologies International Inc, addressing the issue of additional depreciation on oil wells under Section 32(1)(iia) of the Income Tax Act, 1961. The court dismissed the Revenue’s appeal, setting a precedent for the classification of oil wells as ‘Plant & Machinery’ eligible for additional depreciation.
The case revolved around whether oil wells could be classified as ‘Plant & Machinery’ under Section ...
Author Info
