HC allows Additional Depreciation on Oil Well by treating as ‘Plant & Machinery

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 &

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