Question

Definition of ‘Plant’ given under Section 43(3) of the Income Tax Act, 1961 does not include

• A. Tea bushes used for the purposes of the business or profession
• B. Ships used for the purposes of the business or profession
• C. Vehicles used for the purposes of the business or profession
• D. Scientific apparatus and surgical equipment used for the purposes of the business or profession

Hint:

Under Income Tax law, tea bushes are expressly excluded from the definition of “plant.”

Answer 1

The Correct Option is A

Step 1: Scope of ‘plant’ under Section 43(3).
Section 43(3) of the Income Tax Act, 1961 defines “plant” inclusively to cover ships, vehicles, books, scientific apparatus, and surgical equipment used for business or profession.
Step 2: Statutory exclusion.
The definition expressly excludes tea bushes and livestock, even if they are used for business or professional purposes.
Step 3: Conclusion.
Therefore, tea bushes do not fall within the definition of “plant” under Section 43(3). Hence, option (A) is correct.