https://www.taxtmi.com/caselaws?id=328316 Depreciation on flats purchased on ownership basis under section 32 could not be reduced by a notional split of the composite price into land and building where the conveyance deed transferred only the superstructure and did not evidence any separate land consideration. The deed showed that land was to remain with the vendor and later pass to a co-operative society or similar body, while the assessee acquired rights in the flats and common areas only. In the absence of material showing a distinct land component, and consistent with prior acceptance of the claim, the tax authorities' presumed apportionment was unjustified and depreciation on the full cost was allowed. en-us Fri, 27 May 2016 00:00:00 +0530 Wed, 01 Jun 2016 16:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=328316 Depreciation on flats purchased on ownership basis under section 32 could not be reduced by a notional split of the composite price into land and building where the conveyance deed transferred only the superstructure and did not evidence any separate land consideration. The deed showed that land was to remain with the vendor and later pass to a co-operative society or similar body, while the assessee acquired rights in the flats and common areas only. In the absence of material showing a distinct land component, and consistent with prior acceptance of the claim, the tax authorities' presumed apportionment was unjustified and depreciation on the full cost was allowed. Case-Laws Income Tax Fri, 27 May 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=328316