Gujarat High Court Dismisses Revenue's Appeal, Upholds ITAT Order Allowing Additional Depreciation U/S 32(1)(iia) For Oil Well Classified As 'Plant & Machinery'

The Gujarat High Court has ruled against the revenue's appeal regarding a decision by the Income Tax Appellate Tribunal (ITAT), which had permitted the assessee to claim additional depreciation on an oil well classified as 'plant & machinery' under Section 32(1)(iia) of the Income Tax Act, 1961.The core issue raised in the appeal was: “Whether in the facts and circumstances of the case,...