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2012 (10) TMI 465 - AT - Income TaxTerminal depreciation - revenue expenditure or capital - assessee had acquired land and put up a factory during 1995 - in 2003, the assessee had stopped its business of offset printing and typesetting and it had converted the land and building into stock in trade – Held that:- For claiming depreciation u/s. 32(1)(iii), it must first comply with the provisions of Sec. 32(1) of the Act that the asset is used for the purpose of business or profession. As the asset being the land and factory building, the assets were used in the business of offset printing and typesetting, which was discontinued business from 2003, the provisions of Sec. 32(1) is no more available in regard to such business as the business itself does not exist - As the business in respect of which the said development cost has been incurred is discontinued, the same cannot be claimed as revenue expenditure in respect of another business being real estate business, just because the land has been converted into stock in trade for the present business - appeals of the Revenue are allowed
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