Case Law Details
Case Name : Victory Aqua Farm Ltd Vs ACIT (Supreme Court of India)
Appeal Number : Civil Appeal Nos 4429 and 4430 of 2006 & 5099-5100 of 2009
Date of Judgement/Order : 04/09/2015
Related Assessment Year :
Courts :
Supreme Court of India
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Brief Facts- The assessee is a company doing business of ‘Aqua Culture’. It grows prawns in specially designed ponds.
Question of Law- Whether ‘natural pond’ which as per the assessee is specially designed for rearing prawns would be treated as ‘Plant’ within Section 32 of the Income-tax Act, 1961.
Contention of the Assessee
The assessee has claimed depreciation in respect of these ponds by contending that these prawn ponds are tools to its business and therefore constitute ‘plant’ within the meaning of Section 32 of the Income-tax Act, 1961.
Contention of the Revenue
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