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 dismissed an appeal by the Revenue, upholding the ITAT's order allowing additional depreciation under Section 32(1)(iia) for an oil well classified as plant and machinery. The court ruled that the oil well qualifies for additional depreciation, as it meets the criteria set under the Income Tax Act. This judgment reinforces the interpretation of tax laws favorably for taxpayers, particularly in sectors like oil and gas.