Allowability of Depreciation on Gym Equipment Installed at House of Managing Director

Advertisement ACIT Vs. Claridges Hotels Pvt. Ltd. (ITAT Delhi) Company can claim Depreciation in respect of Equipment Installed at Residential Premises of its Managing Director, the same should be added as perquisite in the hands of the said Director but cannot be disallowed in the hands of the assessee company So far as dis allowance of depreciation of Rs. 1,75,048/- claimed on gym equipments installed in the premises of Managing Director, the assessee’s case before the A.O. as well as Ld. CIT(A) has been that as per the corporate policy the provision of fitness centre has bee...