Oil wells are plant and machinery and eligible for higher depreciation

Joshi Technologies International Inc. Vs Asst. Director of Income Tax  (ITAT Ahmedabad)

The ITAT, Ahmedabad in the case of M/s. Joshi Technologies International Inc. v. The Asst. Director of Income Tax [ITA Nos. 3456/Ahd/2010 & 3195/Ahd/2011, dated May 19, 2023] held that oil wells are plant and machinery, and accordingly, higher depreciation would be allowed to the assessee.

Facts:

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