https://www.taxtmi.com/caselaws?id=5013 For depreciation under section 10(2)(vi) of the Indian Income-tax Act, 1922, the cost of land beneath a building was held not to form part of the depreciable cost of the building. The provision was read with the other allowances in section 10(2), treating a building as the business structure itself rather than the site on which it stands. Because depreciation reflects wear, deterioration, or obsolescence, land, which does not depreciate in that sense, falls outside the allowance. The reference to land exemption in a different statutory context was found inapplicable, and the assessee's claim was rejected. en-us Wed, 15 Mar 1967 00:00:00 +0530 Mon, 02 Mar 2015 13:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5013 For depreciation under section 10(2)(vi) of the Indian Income-tax Act, 1922, the cost of land beneath a building was held not to form part of the depreciable cost of the building. The provision was read with the other allowances in section 10(2), treating a building as the business structure itself rather than the site on which it stands. Because depreciation reflects wear, deterioration, or obsolescence, land, which does not depreciate in that sense, falls outside the allowance. The reference to land exemption in a different statutory context was found inapplicable, and the assessee's claim was rejected. Case-Laws Income Tax Wed, 15 Mar 1967 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5013