https://www.taxtmi.com/caselaws?id=215471 The High Court ruled in favor of the Revenue and against the assessee regarding the allowability of guest house expenses and depreciation claimed. The Court upheld the assessing officer's order, overturning decisions of the first appellate authority and Tribunal. The Supreme Court clarified that expenses related to premises used as guest houses are excluded under Section 37 of the Income Tax Act. The Court favored a Calcutta High Court decision over a Bombay High Court decision, emphasizing legislative intent to exclude such expenses. The Income Tax Appeal was allowed accordingly. en-us Tue, 24 Jul 2012 00:00:00 +0530 Mon, 06 Aug 2012 17:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=215471 The High Court ruled in favor of the Revenue and against the assessee regarding the allowability of guest house expenses and depreciation claimed. The Court upheld the assessing officer's order, overturning decisions of the first appellate authority and Tribunal. The Supreme Court clarified that expenses related to premises used as guest houses are excluded under Section 37 of the Income Tax Act. The Court favored a Calcutta High Court decision over a Bombay High Court decision, emphasizing legislative intent to exclude such expenses. The Income Tax Appeal was allowed accordingly. Case-Laws Income Tax Tue, 24 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=215471