TMI Blog1978 (11) TMI 47X X X X Extracts X X X X X X X X Extracts X X X X ..... e property on lease, repairing, altering and remodelling it and then letting it out to tenants. During the assessment years 1969-70, 1970-71 and 1971-72, the assessee claimed depreciation on the capital expenditure for improving the buildings. The expenditure was claimed for construction of partion walls, fitting tiles in some portions of the buildings and in converting some portions of the floor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nal has referred the following question of law for our opinion: " Whether, on the facts and in the circumstances of the case, the Tribunal was legally correct in allowing depreciation on the capital expenditure incurred by the assessee in making improvements to the property taken on lease in the assessment years 1969-70 to 1971-72 ? " The most material and relevant circumstance is that the ass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he assessee was in fact and in law the owner of the improvements of permanent nature effected by the assessee. The purpose for effecting improvements was to earn a better return from the property. It was a business investment in the shape of making permanent improvements in the buildings. The assessee was, in the eye of law, the owner of these improvements so long it had the right to retain the bu ..... X X X X Extracts X X X X X X X X Extracts X X X X
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