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 on Land Under Mining Lease: Eligibility Under Section 32AC of Income Tax Act Questioned A query was raised regarding whether depreciation under Section 32AC of the Income Tax Act is allowable for land purchased under a mining lease for 30 years. The individual sought guidance on whether this expenditure could be claimed under Section 32 or Section 37 of the Income Tax Act.