No depreciation on undivided share of Land

ACIT Vs Kunnel Engineers & Contractors (P) Ltd. (ITAT Cochin) Conclusion: Depreciation under section 32 could not be claimed on an undivided share of land as assessee had shown the land separately in the block of assets which was not entitled for depreciation. Held:  During the previous year, assessee had shown addition to building. AO noticed that assessee had purchased Flats numbered 1A and 1B, Royal Cronet. The payment for undivided share of land was Rs.6,30,000/- and Rs.10,10,000/- respectively. Assessee had claimed depreciation on these amounts by treating them as cost paid towards b...