https://www.taxtmi.com/caselaws?id=333470 The case involved the disallowance of depreciation on Floor Space Index (FSI) claimed by the assessee. The court allowed depreciation on the entire FSI amount at 10%, considering it part of the building block of assets. The revenue's cross objection was dismissed due to a significant delay in filing. Additional claims under Section 43B for luxury tax payments and interest on term loans were allowed. The Tribunal consistently applied its decision for subsequent assessment years, granting depreciation at 10% on the full FSI amount and dismissing the revenue's appeals. The order was pronounced on 26th August 2016. en-us Fri, 26 Aug 2016 00:00:00 +0530 Fri, 14 Oct 2016 13:46:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=333470 The case involved the disallowance of depreciation on Floor Space Index (FSI) claimed by the assessee. The court allowed depreciation on the entire FSI amount at 10%, considering it part of the building block of assets. The revenue's cross objection was dismissed due to a significant delay in filing. Additional claims under Section 43B for luxury tax payments and interest on term loans were allowed. The Tribunal consistently applied its decision for subsequent assessment years, granting depreciation at 10% on the full FSI amount and dismissing the revenue's appeals. The order was pronounced on 26th August 2016. Case-Laws Income Tax Fri, 26 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=333470