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The Supreme Court (SC), in a landmark ruling clarified that buildings can be classified as 'plant' for ITC availment subject to the 'functionality test'.
The SC distinguished between 'plant or machinery' and 'plant and machinery', stating that structures may be considered 'plant' if they serve as essential business tools rather than passive locations. This decision has broad implications across sectors, potentially enabling ITC claims on construction-related expenses.
#GTBharat invites you to a webinar with our tax experts to decode this ruling, discuss
its impact on taxpayers and explore the way forward, followed by an engaging Q&A session.
