Building, Machinery Plant or Furniture not Exclusively used for Purpose of Business or Profession: ITAT disallows Depreciation Claim on Building [Read Order]
The Section 38(2) of the Income Tax Act, 1961 provided that where any building, machinery plant or furniture etc. was not exclusively used for the purpose of business or profession
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) disallowed the depreciation claim on any building, machinery, plant, or furniture not exclusively used for the purpose of business or profession. The assessee company was engaged in the business of rendering information technology i.e. IT enabled services and business support services. The assessee vide two…
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