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2022 (7) TMI 278 - AT - Income TaxDepreciation on the furniture and fixture against the rental income of movable assets - whether assessee is entitled to bifurcate the entire receipts on account of rent from premises (immovable property) and furniture and fixture for the purpose of claiming depreciation on the furniture and fixture against the rental income of movable assets?” - HELD THAT:- Bare perusal of the lease agreement entered into between the assessee and the lessee relevant clauses show that there is not even a whisper as to renting out the furniture and fixture by the assessee along with the premises/immovable properties. In case of contract, parties to the agreement make law for themselves to which nothing can be added or deleted. When there was no intention of the parties to the lease agreement (supra) that rent is being paid for immovable and movable assets separately no amount of rent can be attributed to the furniture and fixture as claimed by the assessee. In case of Sultan Brothers Pvt. Ltd. (1963 (12) TMI 4 - SUPREME COURT] held that when a building & plant, machinery or furniture are inseparably let the Income Tax Act contemplates the rent from the building as a residuary head of the income and not one to be computed under section 9 of the old Act” meaning thereby when immovable property and furniture and fixtures have been inseparably let out by the assessee with no specific reference, “furniture and fixtures” cannot be separated for the basic charge of rent for the purpose of claiming depreciation by the assessee. When it is nowhere case of the assessee that it is to exploit movable property “furniture and fixtures” as a business as is also apparent from the lease agreement, the Ld. Lower Authorities have rightly disallowed the depreciation claimed by the assessee under section 57 of the Act. Moreover, lease agreement (supra) speaks for itself that it is for immovable property only. So the question framed is answered in negative. Finding no illegality or perversity in the impugned order passed by the Ld. CIT(A), present appeal filed by the assessee is hereby dismissed.
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