Key Amendment Highlights:

1. Terminology Change: The words “plant or machinery” have been replaced with “plant and machinery”.
2. New Explanation 2 Added:

• It overrides all past court rulings, including the Safari Retreat case.
• Any reference to “plant or machinery” must be understood as “plant and machinery.”
• This prevents businesses from claiming ITC on buildings and structures by classifying them as “plant.”

Key Amendment Highlights:

1. Terminology Change: The words “plant or machinery” have been replaced with “plant and machinery”.
2. New Explanation 2 Added:

• It overrides all past court rulings, including the Safari Retreat case.
• Any reference to “plant or machinery” must be understood as “plant and machinery.”
• This prevents businesses from claiming ITC on buildings and structures by classifying them as “plant.”