{"id":41361,"date":"2024-04-05T12:28:45","date_gmt":"2024-04-05T06:58:45","guid":{"rendered":"https:\/\/itatonline.org\/digest\/cit-it-v-joshi-technologies-international-inc-2023459-itr-146-294-taxman-706-sc-editorial-refer-cit-ittp-v-joshi-technologies-international-inc-2023-459-itr-142-153-taxmann-com-7\/"},"modified":"2024-04-05T12:28:45","modified_gmt":"2024-04-05T06:58:45","slug":"cit-it-v-joshi-technologies-international-inc-2023459-itr-146-294-taxman-706-sc-editorial-refer-cit-ittp-v-joshi-technologies-international-inc-2023-459-itr-142-153-taxmann-com-7","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/cit-it-v-joshi-technologies-international-inc-2023459-itr-146-294-taxman-706-sc-editorial-refer-cit-ittp-v-joshi-technologies-international-inc-2023-459-itr-142-153-taxmann-com-7\/","title":{"rendered":"CIT (IT) v. Joshi Technologies International Inc. (2023)459 ITR 146 \/ 294 Taxman 706 (SC) Editorial : Refer, CIT (IT&#038;TP) v. Joshi Technologies International Inc. (2023) 459 ITR 142 \/ 153 taxmann.com 710 (Guj)(HC)"},"content":{"rendered":"<p>Assessee company\u00a0 which is\u00a0 engaged in exploration of crude oil from oil fields, claimed depreciation on plant, contending that oil well was part of plant.\u00a0 Assessing Officer\u00a0 held that well drilled for exploration of oil was not a Plant and disallowed claim of\u00a0 depreciation.\u00a0 Tribunal allowed the claim. High Court\u00a0 affirmed the order of the Tribunal\u00a0 and held that\u00a0 oil wells constitute &#8216;Plant&#8217; for purpose of section 32 and\u00a0 would be eligible for depreciation. SLP of Revenue is dismissed.\u00a0 \u00a0(AY. 2006-07)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 32 : Depreciation-Rate of  depreciation-Plant-Oil Well-Plant-Eligible for depreciation at higher rate of  80 Per Cent.-Supreme Court-SLP of Revenue is dismissed. <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-41361","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-aL7","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/41361","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=41361"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/41361\/revisions"}],"predecessor-version":[{"id":41362,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/41361\/revisions\/41362"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=41361"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=41361"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=41361"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}