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1 - 3 of 3 (0.28 seconds)Section 256 in The Income Tax Act, 1961 [Entire Act]
Commissioner Of Income-Tax vs Vulcan Laval Ltd. on 1 December, 1988
In the case of CIT vs. Vulcan Laval Ltd. (1991) 188 ITR 453 (Bom) a Division Bench of this Court has taken the view that durable tools which had an average life not exceeding 3 years also fall within the term "plant and machinery" for the purpose of investment allowance. The ratio of that decision applies directly to the present case also. The Division Bench also held that the word 'installed' did not necessarily mean embedded in the earth or the like. The tools, in question, are being depreciated over a period of three years in the present case also.
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