Breakwater-Wall For Ship-Safety Not 'Plant And Machinery', GAIL Subsidiary Not Eligible For ITC: Bombay High Court

In a Bombay High Court case, Breakwater Wall, a safety structure for ships, was classified as 'plant and machinery' under Income Tax rules, benefitting a GAIL subsidiary. The court upheld this classification, stating the breakwater wall is integral to the taxpayer's business activities. This decision underscores the importance of correctly classifying assets for tax purposes, impacting depreciation claims and tax liabilities.