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2021 (10) TMI 964 - AT - Income TaxDisallowance of depreciation on composite land and building - depreciation claimed by the assessee on account of office premises at India Habitat Centre - case of the assessee was selected for scrutiny under CASS - HELD THAT:- When the assessee bank does not have any segregation value of land and building of the said premises and it has paid composite price, the entire deprecation claim is allowable under section 32 of the Act. So, following the aforesaid decision rendered by the Co-ordinate Bench of the Tribunal in CIT vs Rajesh Exports Ltd. [2005 (11) TMI 362 - ITAT BANGALORE], and when it is categoric case of the assessee that the purchase price of land and building is composite one and it has no segregation of value of land and building separately, disallowance made by the Assessing Officer/CIT(A) is not sustainable in the eyes of law. - Decided in favour of assessee.
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