JUDGMENT

Shah, J.—Leave granted in SLP (Civil) Nos. 4373-74 of 1999.

2. Question involved in these appeals is whether building which is used as a hotel or a cinema theatre can be considered to be apparatus or a tool for running the business so that it can be termed as a plant and depreciation can be allowed accordingly or whether it remains a building wherein either hotel business or business for cinema could be conducted?

3. The aforesaid question is to be decided in the background of the specific provisions granting depreciation to buildings, machinery and plant under Section 32 of Income Tax Act, 1961 (herein after referred to as “the Act”). And also to decide whether time has come to have a fresh look at the old precedents and to lay down the law with the changed perceptions keeping in view the provisions of the Act? Further, to what extent are we required to follow and adopt artificial and largely judge-made sense of the word “plant”, which is given inclusive meaning under Section 43(3) and in context of the Scheme of Section 32?

4. In this batch of civil appeals, some appeals are filed by the Revenue and some by the assessees. Since the question involved in all these appeals is s