Whether Depreciation u/s 32 AC is allowable for Land purcahased under lease (minning Lease)

[gaurav goyal]

Dear Sir/Madam,

I had purchased the Minning lease land for 30 Years therefore please guide me whether this expenditure claim u/s 32 or 37 of Income tax act.

AI Summary

Depreciation under section 32 for long-term mining lease land questioned; alternative deduction under section 37 sought guidance.
The taxpayer purchased a mining lease in respect of land for a thirty-year term and asks whether the expenditure qualifies for depreciation under section 32 or should instead be claimed as an ordinary business deduction under section 37 of the Income Tax Act, focusing on the correct classification and tax head for the deduction.