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2015 (2) TMI 280 - AT - Income TaxDisallowance of depreciation on commercial property - AO did not agree with this claim of depreciation and in the light of there being no valuation report regarding the cost of construction etc. proceeded to disallow the entire claim of depreciation. - CIT(A) deleted the disallowance of depreciation - Held that:- From a perusal of the terms of the agreement, we find that it is a composite agreement; and there is no separate consideration attributable specifically to the land. Therefore the issue is whether on purchase of commercial space for a composite consideration, the assessee is entitled to claim depreciation on the composite consideration. Having considered the case law of JCIT Vs. Rajesh Exports [2005 (11) TMI 362 - ITAT BANGALORE ] and in the absence of any other contrary decision in respect of a composite consideration, we are inclined to confirm the impugned order of the ld CIT(A). The ld DR has not assailed the factual position that the consideration paid was not a composite consideration, by pointing out any material so as to persuade us to come to a conclusion that there was bifurcation of consideration between land and building. Decided against revenue.
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