Tag Archives: ponds

specially designed ponds are plants and eligible for depreciation

whether ‘natural pond’ which is  specially designed for rearing prawns would be treated as ‘plant’ within Section 32 of the Income Tax Act, 1961 (hereinafter referred to as ‘the Act’) for the purposes of allowing depreciation thereon ? since the ponds were specially designed for rearing/breeding of the prawns, they have to be treated as tools… Read More »