Oil wells are plant and machinery and eligible for higher depreciation


Last updated: 12 June 2023

Court :
ITAT, Ahmedabad

Brief :
The ITAT, Ahmedabad in the case of M/s.Joshi Technologies International Inc. v. The Asst. Director of Income Tax [ITA Nos. 3456/Ahd/2010 & 3195/Ahd/2011, dated May 19, 2023] held that oil wells are plant and machinery, and accordingly, higher depreciation would be allowed to the assessee.

Citation :
ITA Nos. 3456/Ahd/2010 & 3195/Ahd/2011, dated May 19, 2023

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Bimal Jain
Published in Income Tax
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