TMI Blog1996 (1) TMI 58X X X X Extracts X X X X X X X X Extracts X X X X ..... e facts and in the circumstances of the case, the Tribunal has erred in law in allowing depreciation on the temple building constructed in the premises of the assessee ? (2) Whether, on the facts and in the circumstances of the case and in view of insertion of Explanation 2 to section 43B by the Finance Act, 1989, with retrospective effect from April 1, 1984, the Tribunal was jus tified in law i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on is squarely covered by the decision in Atlas Cycle Industries Ltd. v. CIT [1982] 134 ITR 458 (P H). Mr. Joshi, however, submits that the temple building cannot be a business asset and hence depreciation is not allowable under the provisions of the Act. We have gone through the decision. In our opinion, there is nothing to disagree with the said decision and accordingly we answer this questi ..... X X X X Extracts X X X X X X X X Extracts X X X X
|