Assessee company  which is  engaged in exploration of crude oil from oil fields, claimed depreciation on plant, contending that oil well was part of plant.  Assessing Officer  held that well drilled for exploration of oil was not a Plant and disallowed claim of  depreciation.  Tribunal allowed the claim. High Court  affirmed the order of the Tribunal  and held that  oil wells constitute ‘Plant’ for purpose of section 32 and  would be eligible for depreciation.  (AY. 2006-07)