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2004 (12) TMI 56 - ANDHRA PRADESH HIGH COURT"Whether Tribunal was correct in law in holding that the assessee was not entitled for initial depreciation under section 32(1)(iv) with respect to the quarters to the employees?" - Clause (iv) of section 32(1) - As rightly held by the Income-tax Appellate Tribunal, the expression "solely" in the above clause indicates that such buildings should be occupied by employees drawing a salary of Rs. 10,000 per annum or less. The assessee-company, it was held, did not fulfil this condition - In view of the conclusion as above of the final fact-finding authority, we are inclined to uphold the view of the Income-tax Appellate Tribunal that the assessee is not entitled to the initial depreciation as it does not fulfil the conditions prescribed for such deduction.
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