https://www.taxtmi.com/caselaws?id=341598 The ITAT ruled in favor of the Revenue regarding the disallowance of depreciation on furniture and fixtures leased out under 'Income from House Property', overturning the Ld. CIT(A)'s decision. The ITAT reinstated the AO's order, emphasizing that claiming standard deduction for the leased property, including furniture and fixtures, precluded further depreciation. However, the ITAT upheld the Ld. CIT(A)'s decision on the proportionate disallowance of expenses related to leased property, resulting in a partial allowance of the Revenue's appeal. en-us Mon, 03 Apr 2017 00:00:00 +0530 Thu, 13 Apr 2017 07:01:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=341598 The ITAT ruled in favor of the Revenue regarding the disallowance of depreciation on furniture and fixtures leased out under 'Income from House Property', overturning the Ld. CIT(A)'s decision. The ITAT reinstated the AO's order, emphasizing that claiming standard deduction for the leased property, including furniture and fixtures, precluded further depreciation. However, the ITAT upheld the Ld. CIT(A)'s decision on the proportionate disallowance of expenses related to leased property, resulting in a partial allowance of the Revenue's appeal. Case-Laws Income Tax Mon, 03 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=341598