https://www.taxtmi.com/news?id=203 A chartered accountant firm claimed forty percent initial depreciation for a newly erected building used solely as employee residence; the assessing officer denied the claim because Section 32(1)(iv) applies to an assessee carrying on business and does not extend to a professional practice. The court rejected a purposive interpretation to include profession within the word business, holding that such an expansion would improperly create and fill an imagined lacuna in the statute. en-us Thu, 29 Nov 2007 13:20:00 +0530 Mon, 30 Jun 2008 12:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=203 A chartered accountant firm claimed forty percent initial depreciation for a newly erected building used solely as employee residence; the assessing officer denied the claim because Section 32(1)(iv) applies to an assessee carrying on business and does not extend to a professional practice. The court rejected a purposive interpretation to include profession within the word business, holding that such an expansion would improperly create and fill an imagined lacuna in the statute. News - Thu, 29 Nov 2007 13:20:00 +0530 https://www.taxtmi.com/news?id=203