ORDER :

1. The question of law that falls for our consideration is as to whether ‘natural pond’ which as per the assessee 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.

2. We may mention at the outset that one Division Bench of the High Court of Kerala in the case of the same assessee had on earlier occasion decided the aforesaid question in the negative holding that it is not a plant. However, another Division Bench by the impugned judgment dated 14.10.2014, even after noticing the earlier judgment, has not agreed with the earlier opinion and has rendered contrary decision. We are, therefore, at this stage constrained to remark that the Division Bench which has given the impugned judgment dated 14.10.2004 should have referred the matter to a larger Bench as otherwise it was bound by the earlier judgment of the coordinate Bench. However, since appeals are filed against both the judgments and the validity of the judgment rendered in the first case is also questioned by the assessee, we have to necessarily decide these appeals on