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Depreciation not allowable on Portion of Factory leased to earn Rent
Case Law Details
- Case Name
- Sophia Automotive Private Vs Income Tax Officer (ITAT Chennai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2012-13
- Courts
- All ITAT, ITAT Chennai
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Sophia Automotive Private Vs ITO (ITAT Chennai)
The assessee has claimed a total depreciation of Rs.51,60,173/- in the profit and loss account towards factory building. While completing the scrutiny assessment for the assessment year 2012-13, the Assessing Officer noted that 50% of the factory building was let out to two different parties as such only 50% of the building was actually used by the assessee and 50% depreciation claim was disallowed for the assessment year 2012-13. On verification of the lease deed for letting out the factory building, the Assessing Officer noted ...
