https://www.taxtmi.com/caselaws?id=179181 Depreciation under section 10(2)(vi) of the Indian Income-tax Act, 1922 was treated as allowable where a company owned a mill, machinery and plant but leased them out as a working concern instead of operating the unit itself. The leasing arrangement required the lessees to run the mill and do ordinary repairs, while the lessors bore loss from depreciation and wear and tear. The court reasoned that the assessee's business was letting the mill for working, and the rent included compensation for depreciation, so the property was used for the purposes of the assessee's business. Depreciation deduction was therefore admissible on the leased buildings, machinery and plant. en-us Fri, 23 Apr 1926 00:00:00 +0530 Mon, 22 Feb 2016 17:08:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=179181 Depreciation under section 10(2)(vi) of the Indian Income-tax Act, 1922 was treated as allowable where a company owned a mill, machinery and plant but leased them out as a working concern instead of operating the unit itself. The leasing arrangement required the lessees to run the mill and do ordinary repairs, while the lessors bore loss from depreciation and wear and tear. The court reasoned that the assessee's business was letting the mill for working, and the rent included compensation for depreciation, so the property was used for the purposes of the assessee's business. Depreciation deduction was therefore admissible on the leased buildings, machinery and plant. Case-Laws Income Tax Fri, 23 Apr 1926 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=179181