https://www.taxtmi.com/caselaws?id=16541 Depreciation under section 8(6) of the Maharashtra Agricultural Income-tax Act applies only to irrigation or protective works and other capital assets constructed or acquired for the land's benefit or for deriving agricultural income. It does not extend to the land itself, and "capital asset" in that provision cannot be read to include land. Rule 3 of the Maharashtra Agricultural Income-tax Rules only prescribes depreciation rates for assets within section 8(6); it does not create a separate allowance or widen the class of eligible assets. The residuary expression "other assets" in the rule cannot bring land within the depreciation scheme, so depreciation on land value was not allowable. en-us Thu, 08 Oct 1998 00:00:00 +0530 Tue, 08 Sep 2009 13:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16541 Depreciation under section 8(6) of the Maharashtra Agricultural Income-tax Act applies only to irrigation or protective works and other capital assets constructed or acquired for the land's benefit or for deriving agricultural income. It does not extend to the land itself, and "capital asset" in that provision cannot be read to include land. Rule 3 of the Maharashtra Agricultural Income-tax Rules only prescribes depreciation rates for assets within section 8(6); it does not create a separate allowance or widen the class of eligible assets. The residuary expression "other assets" in the rule cannot bring land within the depreciation scheme, so depreciation on land value was not allowable. Case-Laws Income Tax Thu, 08 Oct 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16541