TMI BlogDisallowance of depreciation on lease hold land claimed u/s 32(1)(ii) - “right to mine” and the “surface...Disallowance of depreciation on lease hold land claimed u/s 32(1)(ii) - “right to mine” and the “surface right” falls within the definition of intangible assets as defined in Section 32(1)(ii) and Explanation 3 to Section 32(1(ii) - AO directed to treat this as “Capital Expenditure”, which is in enduring nature and grant applicable rate of depreciation on it as appliable to commercial rights of similar nature. - AT ..... X X X X Extracts X X X X X X X X Extracts X X X X
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