Tuesday, May 26, 2020

Depreciation can’t be claimed on Undivided Share of Land: ITAT [Read Order]

In a significant ruling, the Income Tax Appellate Tribunal (ITAT) has held that depreciation under section 32 of the Income Tax Act, 1961 cannot be allowed on an undivided share of land. The assessee, in its income tax return, shown addition to building amounting to R.1,36,67,500/-. After verifying the documents, the Assessing Officer noticed that […]

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