Court Rejects Revenue's Appeal, Affirms ITAT's Decision to Grant Additional Depreciation Under Section 32(1)(iia) for Oil Wells Treated as 'Plant & Machinery: Gujarat High Court
On April 15, 2024, the Gujarat High Court delivered a significant ruling in the case of Commissioner of Income Tax (International Taxation and Transfer Pricing) vs. Joshi Technologies International Inc. concerning the classification of assets for depreciation purposes under the Income Tax Act, 1961. Background: The core issue in this appeal was whether mineral oil wells could be classified as "Plant & Machinery" to qualify for additional depreciation under Section…
