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Income Tax Block
Is crokery part of plant &machinery or furniture &fixtures for the purpose of depreciation?
Replies (1)
1. If you are running restaurant then it will form part of Plant and Machinery and the rate of depreciation will be 15%.
2. In other cases, it will not be considered as a capital asset and should be written off as revenue expenditure as soon as it is incurred.
Please correct me if the above solution has an alternative view.
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