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Income Tax Block

hemant mittal (student) (29 Points)

16 September 2019

Is crokery part of plant &machinery or furniture &fixtures for the purpose of depreciation?

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Suresh Thiyagarajan (Student) (3986 Points)
Replied 16 September 2019

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.