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Case Law Details

Case Name : Victory Aqua Farm Ltd Vs ACIT (Supreme Court of India)
Related Assessment Year :
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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

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