https://www.taxtmi.com/caselaws?id=180212 A lessee who erects a theatre superstructure on leased land is treated as the owner of that structure during the lease period for depreciation purposes, even though the land remains with the lessor and title to the building may pass on expiry. Depreciation was therefore available under section 10(2)(vi) of the Indian Income-tax Act, 1922. Balancing allowance under section 10(2)(vii) was not available because the building was neither sold, discarded, demolished nor destroyed, and mere expiry of the lease while possession continued did not amount to a sale. The alternative claim as business expenditure under section 10(2)(xv) also failed because the amount was not wholly and exclusively laid out for business. en-us Fri, 16 Sep 1966 00:00:00 +0530 Fri, 18 Mar 2016 16:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=180212 A lessee who erects a theatre superstructure on leased land is treated as the owner of that structure during the lease period for depreciation purposes, even though the land remains with the lessor and title to the building may pass on expiry. Depreciation was therefore available under section 10(2)(vi) of the Indian Income-tax Act, 1922. Balancing allowance under section 10(2)(vii) was not available because the building was neither sold, discarded, demolished nor destroyed, and mere expiry of the lease while possession continued did not amount to a sale. The alternative claim as business expenditure under section 10(2)(xv) also failed because the amount was not wholly and exclusively laid out for business. Case-Laws Income Tax Fri, 16 Sep 1966 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=180212